Litecoin Trading Volatile, Struggles to Find New Support Level
Litecoin trading is highly volatile again today, over the previous 3 days.
LTC is currently trading around $21.70. Earlier, it reached a 3-day high of $23.50, temporarily resurfacing above its fading $23 support level. This represented a gain of over 10% in less than 6 hours. The establishment of successively increasing high and low points brought with it a hope of LTC's emergence from its downward spiral, and that the recent downward pressure was merely a flash crash arising from oversupply in the market.
However, the sheer market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term and its wildly rapid ascent signalled a steep correction was coming, which indeed it did. The gains have now virtually disappeared, leaving LTC hanging onto its now reduced support level of $21.50.
Keeping its head above water will be key at this level, failure of which will likely send LTC easily back toward $20.
Volume was heavy on this upswing, peaking at nearly 70,000 LTC (equal to nearly 2000 BTC) per hour. Volume has remained above normal and peaking at and around points of reversal in price movement.
Speculation had been that holders are dumping the cryptocurrency out of security fears, following recent reports of . More recently, enthusiasts say that LTC is getting dumped in favor of other hot-shot altcoins that have been posting of late.
Litecoin trading is highly volatile again today, over the previous 3 days.
LTC is currently trading around $21.70. Earlier, it reached a 3-day high of $23.50, temporarily resurfacing above its fading $23 support level. This represented a gain of over 10% in less than 6 hours. The establishment of successively increasing high and low points brought with it a hope of LTC's emergence from its downward spiral, and that the recent downward pressure was merely a flash crash arising from oversupply in the market.
However, the sheer market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term and its wildly rapid ascent signalled a steep correction was coming, which indeed it did. The gains have now virtually disappeared, leaving LTC hanging onto its now reduced support level of $21.50.
Keeping its head above water will be key at this level, failure of which will likely send LTC easily back toward $20.
Volume was heavy on this upswing, peaking at nearly 70,000 LTC (equal to nearly 2000 BTC) per hour. Volume has remained above normal and peaking at and around points of reversal in price movement.
Speculation had been that holders are dumping the cryptocurrency out of security fears, following recent reports of . More recently, enthusiasts say that LTC is getting dumped in favor of other hot-shot altcoins that have been posting of late.