Litecoin (LTC/USD) continues to struggle, continuing its latest pattern of 18-24h of flat trade followed by another steep drop. 12h ago, LTC fell by over 6% and is now trading at $4.67. This represents one of LTC’s short-term support levels, first set 10 days ago.
It appears likely that this mark will be broken within the next 72h. The gradual bleeding has been ongoing for 6 days with little reason to expect a reversal until the next traumatic drop. The major declines from 2 weeks ago have already set a lower precedent. And the aforementioned pattern of declines has yet to be interrupted by any pattern of bottoming. In the recent past, LTC has demonstrated its propensity to slowly gravitate back toward newly set lows following a big bounce.
The slide is moving in near-perfect harmony with its 50-day moving average, which has now dropped to $6.50. Based on its current price, it continues to trade at a 30% discount to this level.
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Against Bitcoin, LTC indeed closed out August trading at 0.01- a previous assessment which at the time, may have seemed outlandish. The volatility last month had the pair trade as high as 0.013 and as low as 0.0079. Today, it has fallen to 0.098 and is facing a similar prognosis to its USD-denominated counterpart as LTC has recoupled its movements with BTC.
USD-denominated volume is about average for these days: 10,000-20,000 LTC per hour.