LTC Looming Near $50 Psychological Level. Market Turn Around Needed Soon By Cryptovest

Litecoin (LTC) Technical Analysis: LTC Looming Near $50 Psychological Level. Market Turn Around Needed Soon

continues its struggle to find bullish support, as the asset drops a further -2% against the US dollar trading pair. Over the last ten days, however, LTC has managed to slow down its descent somewhat, and has found a temporary foothold around the $53-$57 range as bulls fight desperately to keep LTC away from the dangerous psychological level at $50.

In the news lately, Litecoin has been fairly quiet. A research paper written by eToro Senior Analyst Mati Greenspan at the start of the month brought Litecoin back into the public eye, coining the project as “Silver to Bitcoin’s Gold”. His insightful analysis of Litecoin’s technical upsides compared to other projects is likely to have likely inspired investors to reconsider the #7 cryptocurrency despite its declining value. The Litecoin Foundation has also been busy promoting the new Litecoin Summit event, scheduled to be held in San Francisco next month. The Summit could provide some much-needed LTC market stimulation to recuperate losses from the past three bearish months.

This article appeared first on Cryptovest

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