Litecoin is presently battling a huge decline margin, with the digital asset already down from its high horse at $222 to trade at $203. The coin has also been trading around the 9-day moving average for the past few days. Meanwhile, the price of Litecoin has been influenced mainly by the sentiment in the market and the technical factors behind the coin.
Presently, those factors mentioned above have kicked the fundamental development of the digital asset to the curbs. Instinctively, the market has a tough behavior due to the way the price of the asset rises and falls at every given instance.
The digital asset continues to see a downtrend
The market is expected to move into the $220 region, with the bulls getting tired of holding down the fort at this current price. The sentiment in the market has been pointed to as the major trigger that would push the asset under the 9-day average. If this happens, analysts are projecting that the bulls would defend the asset at $200.
If it touches the region, then the bulls would be able to hold the fort and trigger another surge upward. If the sell-off continues, the market is expected to hit a support level of $170 and if the bulls do fails to hold it steady, the next point of support is $160. If trade activities further push the price of the asset down, then its last support level is $150. Meanwhile, if the digital asset tries to make a surge, it would first need to overcome the $220 resistance level.
If that level is tested, traders can add their support to push the asset close to the $230 price region. If the bullish presence is established, the asset would need the bulls’ push against the $240 and $250 resistance levels. If the asset upsets the resistance levels, the last resistance before it makes a massive break upwards is $260.
Against Bitcoin, the asset is presently seeing a bearish run so bad that it is still hovering under the 9-day and 21-day moving averages. The bulls are still trying to push the market above the Relative Strength Index, and they are looking like they will need the help of the traders for this to be possible. However, the bulls would have to be mindful of the support level located around 3100 Satoshi and below, which is seen as a breaking point.
In the same vein, if the bulls register their effects in the market, they would push it above both moving averages and take it above the resistance level at 4100 Satoshi. With the price of the asset now around 3600 Satoshi, analysts have pointed to the volatility in the market as a major trigger that could either push the market higher or lower depending on market activities.