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Litecoin slid below $ 120.00

How did the Crypto Market out through the Q2 of 2019?

For the crypto market, the second quarter of this year was the best since the bears made their turn in the beginning of 2018 and put an end to the dreams that the explosive growth of coin prices will last forever. Market capitalization rose from $ 144 billion in the last day of March to $ 339 billion on the last day of June. And Bitcoin caught the fans and skeptics of crypto currencies unprepared, making a rally from just over $ 3,000 to $ 11,000.

And during this quarter the news did not stop on the horizon. And the latest is that the TRON Foundation and BitTorrent launched new software that will make downloading torrent files faster and more efficient. Among other things, the new software also supports the BTT token. Consumers can earn coins while they are seeders and manage their digital revenue through a special wallet.

On the other hand, Binance, the world’s largest crypto exchange by average trading volumes, launched a fiat-to-crypto-exchange platform in Singapore. Users of Binance SG will be able to buy and sell Bitcoin, Ethereum and Binance Coins against the Singapore Dollar. And the company plans to add new crypto currencies to the platform.

 

Crypto Market Review:

The total capitalization of the crypto market dropped from $ 354.77 billion to the low of $ 342.4 billion on Tuesday before recovering to $ 354 billion at the time of my writing.

Bitcoin is well on its way of having five consecutive days of growth. If the support of $ 12,460 (the high of end of June) hold, the bulls should focus their eyes on $ 13,500-14,000.

The rest of the market, however, is trying not so successful to keep the pace of BTC. Ethereum’s price is currently consolidating in a flag formation and traded at $ 310.22. Bulls will have to overcome the short-term resistance of $ 313.80 to keep the bullish momentum. Ripple’s long struggle around $ 0.40 level continues this morning. Litecoin again slid below $ 120, losing about 3.5% of its value on a daily basis.

 

Technical analysis of Litecoin

Looking at the technical picture, sustained movement below $ 120.00 is bad for Litecoin bulls. If they fail to push the price back above this barrier, it is likely that downside pressure will increase.

Yesterday price formed a Engulfing bearish candle, confirming short-term downward trend. The first support is at $ 117.30 (23.6% Fibo retracement for the big upside move from $ 22.61), which recently served as a stop for the sellers. A clear break below will likely expand the sell-off, with the bear’s next focus going to $ 111.82 (the bottom of June 27).

On the upside, a convincing breakthrough over the $ 120 -121 area will bring the first major level of resistance at $ 123.90 in the game. Litecoin, however, will need support of the broader market to go above the $ 120 level. In the case of a broad-based crypto rally, Litecoin could rise to test $ 125 before any pullback.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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