After the recent drop in the cryptocurrency market, Litecoin failed to gain a foothold at the $400 level. It fell finding resistance at the $200 mark.
A return to previous levels above $300 today would be good news for the community. Especially against the backdrop of a halved capitalisation, which rose on May 9th to $25.79 billion, and today has more than doubled to $11.68 billion.
After yesterday's "bearish close", the price of Litecoin this morning was $194.42. At the same time, the daily maximum barely reached the level of $200, breaking through the level of $200.44. The current value of the token is even lower and at the time of writing, it is trading at $175.24 on Binance. Apparently, a further decline in the price of the coin will continue, reaching an even greater minimum, despite the volatility of the token and regular roller coasters over the past week from levels of $120-$130 to $200-$210.
Consequently, the trend remains bearish, and the coin itself does not show clear signs of a reversal. And the most obvious confirmation of this is the “drawdown” of more than 70% with a support level of $120. Therefore, the community will have to be patient to achieve its former “greatness” and a record high above $412.96, set in May this year.
The only chance for a higher price high to date is a support level above $220. If this mark is held for at least a few days, then LTC has every chance of enlisting the support of the bulls and enough momentum to re-reach levels above $300.
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