Litecoin (LTC) price is currently negative after a significant amount of liquidation. Monday’s data from Coingecko indicates that the price of LTC has fallen by 1.4% over the past week and is currently trading at $49.98.
LTC had previously achieved support at $49.68, but was unable to sustain levels and witnessed a decline in prices. LTC/USD is currently facing resistance at $50.85; A move above this level will target $51.50.
Litcoin 1 day price chart indicates an uptrend that may continue for some time. However, it may not be stable enough to overcome the significant bearish market pressure.
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Litecoin faces severe selling pressure
In the past several days, the Litecoin market has been very volatile, with values rising and then rapidly falling.
After failing to sustain the $52 level and facing severe selling pressure, LTC prices started to decline. The market capitalization of the cryptocurrency is around $3.5 billion, and its 24-hour trading volume is $373 million.
At $55.62, a resistance level, the LTC/USD pair set a new all-time high on Friday. This level was corrected, and the price is currently trading below $55.50. If the price continues to decline, immediate support may be found at $54.00.
LTC ROI Decreased in the Past 12 Months
Apart from its functions, LTC is now of little use to investors as it does not bring much profit to its holders. The ROI on the currency over the past year has fallen dramatically, with most stats falling into the red.
Moreover, out of the millions of investors who buy LTC, only a few hundred thousand are still winning. These investors bought their supplies at a price below the current market value of the alternative currency. These investors represent only 13% of all LTC holdings.
Although the bears are currently trying to maintain the momentum, they succeeded in pushing the price of LTC below the $50 threshold.
Meanwhile, with Litecoin’s market cap also at an all-time low, it’s not surprising that new investors will shy away from the asset. Despite this, the current LTC community will continue to sponsor LTC, giving the coin a good opportunity to ramp up recovery.
Featured image from NDTV.com, chart from TradingView.com