Litecoin Remains Below $100 But Is A Comeback Imminent?

Litecoin (LTC) has failed to break above $100 once again as its prices remain in a bearish hold with tides starting to change this morning.

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Litecoin (LTC) has failed to break above $100 once again as its prices remain in a bearish hold with tides starting to change this morning.

The last time LTC broke above that price level was June 14, when it rose from $93 to close at $101. Since then, the coin has struggled to gain momentum that would push it towards regaining lost ground.

Litecoin’s route to the current price levels shouldn’t come as a surprise to anyone. The coin has seen its value decline steadily ever since it reached its all-time high in December 2017.

The downward trend can be attributed to a general crypto decline in 2018. Many coins have lost over 50 percent of their value in a dreadful first two quarters.

We could, therefore, view its price drop within that context.

Nevertheless, dipping below $100 has left many investors dejected and fearful that the crypto could slide further into the abyss. If you consider the bearish conditions, it appears the worst could yet happen.

However, in as much as it remains below that price, the question is whether a comeback is imminent. Indications are that it is shaping up for that. Here’s why a break that could usher it in the early June prices could be on the cards.

Over-sold market condition

The slump in market prices for most coins has taken most into oversold territory. This was occasioned by the biting negative sentiment and woes that affected Bitcoin (BTC). As such, Litecoin investors too experienced a lot of anxiety over possible further declines.

Panic put many coins in sell-off pressure. Sellers continued to be in charge and LTC, for instance, has hit a double bottom.

On the flip side, the buyers could intensify the pressure and we could see a pullback in due time. This morning saw the price jump to over $99.00, making $100 within reach.

The oversold market has set the stage for a break out with bulls poised to take over. It’s pretty early to say what awaits BTC after the latest crash, but indications are it could still rise to hit above $10k.

If the top coin regains its footing and embarks on a recovery, LTC could mirror the trajectory and gain above current prices.

Litecoin fundamentals

Litecoin continues to gain wider recognition despite the falling prices. The number of users for the coin keeps growing every other day.

It has also consistently ranked higher in terms of network usage, with its low fees and relatively faster transaction times giving it an edge over other coins.

The LTC team has also continued to work on the updates to the coin, showing that development continues.

The community sentiment has also improved slightly over the last few days, especially with regard to the upcoming Summit. When combined, these aspects put the coin is a good state in case the market recovers.

Litecoin (LTC) Price

Litecoin’s struggles aren’t isolated and even though it has failed to live up to expectations, the 6th ranked coin still has a lot of potential.

An average of $280 million LTC coins has been traded over the last 24 hours. It currently has a market cap of $5.5 billion.

Dropping below $100 for the first time since last November has not helped investor confidence.

The sharp drop that has seen it lose nearly 50 percent in a month has tainted the coin. It could get worse with $60 a possibility if prices make for the $88 it touched a day ago.

For now, LTC has tested the $93 and $96 support zones and currently is looking to consolidate above these zones.

Above it, there’s the $107 resistance level that opens up for a run to $125. Yet, like many other coins, the immediate outlook is bearish and may remain so for a few days.

However, it has shown some positive moves as it gains by 3 percent against the dollar. At $98.20, LTC/USD must find support above this price to see any significant upside movement.

If that happens and coincides with BTC gains, then a comeback should soon materialize.

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