Litecoin (LTC) price keeps heading down towards its largest support

Litecoin (LTC) price keeps heading down towards its largest support
Written by:
Ali Raza
4th July, 10:27
  • Litecoin price surged strongly in early 2020, although the mid-March crash interrupted it.
  • Ever since this interruption, LTC crashed to a yearly low, and its performance was weak ever since.
  • The price did manage to go beyond its strongest support, but it did not advance much higher than that.
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Litecoin (LTC) has had a promising start in early 2020, however, following the mid-March price crash, the project’s price action was rather disappointing. It certainly doesn’t seem to match most other cryptocurrencies, which saw huge gains between mid-March and early June.

LTC in 2020

As mentioned, Litecoin’s price in 2020 started relatively low, but it did not stay down for long. The coin sat just above its largest support at $40 in the first days of January.

However, before long, a price surge took place taking LTC all the way up to its next largest resistance, at $60. The coin’s price grew by $20 in less than three weeks, and while this level initially rejected the price, it started growing anew after around one week or so.

The new surge rushed past the resistance at $60, allowing Litecoin to even reach the resistance at $80. However, this level was much stronger, and the coin was not allowed to beat it so easily.

LTC tried to do so around three times, with the last one being followed by a strong rejection. Fortunately, the resistance-turned-support at $60 managed to hold and prevent the price from going down further.

LTC even attempted to rise again, but the move was interrupted by the mid-March price crash, caused by coronavirus fears.

LTC after the price crash

The March price drop caused LTC to hit a new low on a YTD chart — $25. Like most other cryptos, LTC did not stay so low for a long time, and it did see some price recovery. However, while most other cryptos saw a recovery to levels they held before the price crash, LTC barely climbed back up to $40, and even that was followed by a lengthy struggle.

The project then made a few weak attempts to go up, although a minor resistance at $50 never allowed it to pass. This continued over the last four months, and even now, LTC price is slowly returning back to its support at $40.

There is a chance, however, that the support might cause the coin to bounce back up with more enthusiasm this time, as this is a strong support and it likely won’t be broken without a very strong event that might impact the prices in a negative way.

In other words, there is still something to hope for. Meanwhile, LTC HODLers have found this to be a great moment to buy Litecoin (LTC), as the token clearly has the potential to go up. It just lacks proper conditions to do so.

Conclusion

After a few months of a rather impressive price performance, LTC seems to have lost its strength after the mid-March crash. The last several months have seen uninspired price behavior, although LTC could soon change that, as its price continues to inch closer to a major support.

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