The price of Litecoin (LTC) is currently negative after a significant amount of liquidation. Monday’s data from Coingecko indicates that the price of LTC has decreased by 1.4% over the past week and is currently trading at $49.98.
LTC reached $49.68 support previously, but it was not able to sustain the level and saw a decrease in its price. LTC/USD is facing resistance at 50.85. A move above this level will result in $51.50.
Litcoin’s one-day price graph shows an uptrend that could continue for some time. However, it may not be steady enough to overcome the market’s significant bearish pressure.
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Litecoin Up 18% Despite Bearish Pressure
LTC’s gain of 18% has been despite this. The Litecoin market was volatile in the past few days with prices fluctuating between highs and lows.
LTC prices fell after failing to keep the $52 mark and being subject to severe selling pressure. The cryptocurrency’s market capitalization is approximately $3.5 billion, and its 24-hour trading volume is $373 million.
LTC/USD reached an all-time record Friday at $55.62, which represents a resistance level. The price currently trades below $55.50. This resistance level was retraced. The immediate support level at $54.00 may provide some relief if the price falls further.
LTC ROI has fallen in the last 12 months
LTC, aside from its functionalities, is no longer of any benefit to investors as it doesn’t generate significant profits for its owners. The coin’s return on investment over the past year has decreased dramatically, with most statistics falling into the red zone.
Only a handful of hundred thousand of LTC investors are profitable, out of millions. These investors purchased their supply at a price below the altcoin’s current market value. They account for only 13% in all LTC holdings.
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Although bears may be trying to keep momentum going, they are able to push the LTC prices below the $50 threshold.
Meanwhile, given that Litecoin’s market value is also at an all-time low, it is not unexpected that new investors are avoiding the asset. Despite this, LTC’s existing community will continue to patronize LTC, giving the coin a good chance of mounting a recovery.
Featured image taken from NDTV.com. Chart from TradingView.com