Litecoin ($LTC), the 24th largest cryptocurrency on the market with a market capitalization of $4.5 billion, is now dangerously close to the $60 mark, having fallen 1% in the past 24 hours and trading a few cents higher at the time of writing.
Litecoin's price troubles come amid a generally good day for the #cryptocurrency occurred amid a generally good day for the cryptocurrency. Over the past 24 hours, the global cryptocurrency market has added 0.7% to its market capitalization of $2.4 trillion.
Bitcoin ($BTC), the market leader, is up 3.2% since yesterday and is currently trading at $BTC This is the biggest increase among the top 10 cryptocurrencies, with the exception of Dogecoin ($DOGE). The original Doge #meme coin rose 5.1% overnight and is now trading at $BTC Lightcoin fell 6.4% over the week. That's about the same as bitcoin's 5.2% loss, but both coins are more resilient than Ethereum.
ETH tokens, which underpin the most commercially important network on the blockchain, have fallen 8.3% over the past seven days to trade at $2,292. Overnight, Ether rose 2.4%.
#Litecoin price analysis - where #LTC is headed next.
The cryptocurrency market is currently in the green zone, and several indicators suggest that Litecoin could rise from current levels.
First, support for $LTC has been steadily rising since the cryptocurrency collapsed on August 5, when prices bottomed out around $BTC Litecoin was also a source of resistance around $75 during the summer. The Relative Strength Index (RSI) for Litecoin is currently around 40
Litecoin was created in 2011 as an alternative payment method to bitcoin. During its heyday, it was the third largest cryptocurrency by market capitalization.
However, being so established, today's Litecoin price movements are somewhat conservative.
Those who want to truly speculate in cryptocurrencies are better off looking at some of today's meme coins that are attracting nine-figure investments due to their unique value proposition.
Read us at: Compass Investments
