Litecoin mirroring it’s crypto peers with loses over 2% today at $54.52 making fresh monthly lows. LTCUSD has underperformed the other top cryptocurrencies and has dropped from the fifth position of the biggest cryptocurrencies where it was at the beginning of the year by capitalization to the sixth position below Tether.
Litecoin market capitalisation has dropped at 3.52 billion, the 100 top cryptocurrencies capitalization has dropped to 221.56 billion
Litecoin Technical Analysis
Litecoin is under strong selling pressure the last two days that brought LTCUSD below the 200-day moving average that provided support during the previous week.
Crypto traders focus has now turned to the downside and at the daily lows ($54.10) where stands the first support; if sellers clear this level then they will target the lows from October 25th at $49.39.
What will cancel the negative momentum today is if LTCUSD manages to close above today’s top at $56.16, while a move above the 50-day moving average at 57.43 might attract extra bids and cancel the recent bearish momentum.