Last Friday the crypto markets experienced an incredibly positive trading session that led Bitcoin, and many other cryptocurrencies, to surge 10% or more. This market move was led by Litecoin (LTC), which surged over 30% to erase several weeks of losses.
Although Litecoin was the best performing crypto last week, it has led today’s market drop, and if it is unable to garner a significant amount of buying pressure in the near-term, it could lead the entire crypto markets to drop as the week goes on.
Litecoin Drops 8%, Still Up Significantly from Weekly Lows
At the time of writing, Litecoin (LTC) is trading down nearly 8% at its current price of $42.90. On Sunday, LTC began climbing and reached highs of $47 before swiftly being rejected at this price and falling down towards its current price levels. It is likely that in the near-term $47 will be a level of relative resistance for LTC.
Last Friday, Litecoin skyrocketed from lows of $33 to highs of over $45, a major price move that led the entire crypto markets to follow suit and climb as well. Today’s drop, however, brings up an obvious question regarding whether or not LTC’s current drop will cause the entire crypto markets to begin dropping as well.
Chonis Trading, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, noting that LTC’s latest…
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