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Litecoin Value Sinking Towards $100 But What About Ethereum And Ripple?

Written by:
Guest
Published on:
May/29/2018
Bitcoin may garner the lion’s share of attention when it comes the current and future value of cryptocurrency. However, Litecoin was in the cryptocurrency news recently at Army Of BitcoinNews for its recent market moves.
 
Unfortunately for investors, this crypto is moving in the wrong direction. The market for Litecoin (LTC) remains bearish at a value of $118.49 in recent trading. A chart contained in this latest market report notes a steady decline downward that may not bottom out until the value sinks to $100. The short-term outlook warns of an accelerated decline to this level given how LTC has performed against the US Dollar in recent trading sessions.
 
The top level of $130 for a bullish recovery does not appear likely as it is doubtful that LTC can stop even a gradual decline in value. The market is still being driven by the bears with clouds of uncertainty covering the entire cryptocurrency industry.  As a comparable market value, Bitcoin (BTC) was trading at $7310.12 in the latest market session. Ethereum’s (ETH) value is at $539.66 and Ripple’s (XRP) current value is $.59 trading against the US Dollar. One of the key talking points in this latest report from Monday’s market activity as provided by PlaySlots4RealMoney.com points out that LTC’s price declined to break a major support level of $115 before making a recovery above that point by market’s close. The bearish trend on the hourly charts show some strong market resistance as any level above $120 when comparing the LTC/USD figures. This pairing could continue to accelerate declines below the $110 level in the coming days and weeks with the possibility that the level could eventual drop to $100.
 

There has been no further bullish recovery above $125 when it comes to LTC against the US Dollar. This has prompted a future forecast for further declines in value. There is a possibility that the price could hold in the $115 level, but for how long is still anyone’s guess. The overall LTC price forecast included in this report remains bearish to a level lower than $115. The recent low of $111.71 could have been a foreshadow of future market activity, despite the brief recovery to levels closer to $120. As quoted by Army Of Bitcoin News in this market report, “However, the most important resistance is near $116, which was a support earlier. An intermediate resistance is at $115.37 and the 50 percent Fib retracement level of the last slide from the $119.03 high to the $111.71 low.”

The report added, “Moreover, there is a new connecting bearish trend line in place with resistance at $120 on the hourly chart of the LTC/USD pair. A close above the trend line, $120 and the 100 hourly simple moving average is needed for more gains in the near term.” The ending conclusion given the market movements for LTC in recent trading sessions from a bearish standpoint still point to that earlier decline to $111.71. This could still open the door to a steeper decline approaching the $100 level, which is a key market indicator.

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