LTC Price Analysis: Things Went Downhill for LTC After Rejection at $55
- Litecoin (LTC) tried to rise in its chart, but the bears proved to be too strong.
- The amount of LTC that was traded in the last session saw a drop which indicates a fall in buying strength.
- The RSI is also below the half-line which proves the overpowering selling pressure for the crypto.
Despite Litecoin (LTC) trying to rise in price, in its 4- hour trading chart, the bears proved to be too strong. The broader market weakness could be one of the causes of LTC’s downward price movement.
At the moment, the closest support level for LTC is $45 and the price of the crypto was trading very close to this point. Unfortunately, the latest drop in the LTC price invalidated LTC’s weekly gains. If LTC sees even the slightest bit of demand, it could push the price above the $50 price mark.