Litecoin Slips Below $50 As The Market Bleeds
Today, October 29, the market is bleeding. After a week of sideways action and a weekend of the same, the market has had a drop at the start of this new week. Since September 12, Litecoin has managed to stay above the $50 position. This has changed today as the coin dipped below this level. At the time of press, Litecoin is trading at $49.07, marking a 5.42% drop in the last 24 hours.
LTC/USD Price Chart, Monday October 29th:
This drop has been triggered by a general market dip which has seen almost all cryptocurrencies drop in the last 24 hours. To mark the market drop, bitcoin has dropped from little under $6,500 to lows of $6,200. The general market cap has dropped to a little over $203 billion with most altcoin prices dropping by 2% to 10%.
After starting the day trading at $51, the coin quickly took a downward turn and dropped to lows of $48. The bulls quickly defended this position and pulled prices back to $49, where it is trading at the time of press.
Will we see Litecoin make a recovery and trade above $50?
Many are expecting these prices to bounce back and trade above $50. However, this is only if the general market recovers from this recent drop. If the bearish market is to continue, this might send Litecoin prices to lows of $45 and a recovery from such a position will be hard and will see the altcoin suffer breaking lower resistance levels.
So far, the only good news is that the panic does not directly relate to Litecoin, even though the reason that led to the dump is still unclear. The only reason that experts can come up with right now is that there is a correlation between cryptocurrencies and equities which are ending a 10-year end of month low and their drop have somehow led to cryptocurrencies also dropping.
The next 24 hours will be crucial not only for Litecoin but for all cryptocurrencies. During this time, the bulls will need to take back the market and avoid greater losses.
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