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NewsBTC 2022-08-24 09:17:57

Litecoin (LTC) Near-Term Route Could Be Determined By This Factor

Litecoin (LTC) could be heading the bearish route. According to CoinMarketCap, LTC has nosedived by 0.52% or trading at $56.50 as of press time. Litecoin going the bearish track LTC down by 0.52%, trading at $56.50 LTC engulfing candlestick shows increased selling pressure In the past few days, LTC is seen to be hovering close to its midpoint. Notably, Litecoin is down by 12.75 from its five-day high yet spiked by 7.26% compared to its five-day low that registered at $52.56. LTC price is gliding above the key resistance level. The support is now spotted at $54.17 and resistance is present at $56.13. In essence, LTC could experience extreme volatility once the price rally loses steam. Related Reading: Elrond Network Watch: Consider This Before Filling Up Your Wallet With EGLD Litecoin Trading at Low Volumes It can be observed that Litecoin has been trading at ridiculously low volumes lately which means that today’s trading volume is comparably low to the coin’s average trading volume in the past week. Now, the improvement in market performance has restored the faith of many LTC buyers. It seems there could be hope for a bullish momentum. However, the 62-$64 range could be getting in the way of a bullish movement. In turn, LTC is seen to have plunged below the EMA ribbons to convey a strong selling or bullish streak. More so, the recent formation of an engulfing candlestick pattern showed a strong uptick in terms of selling acti...

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