Litecoin was impacted the most by Bitcoin’s fluctuation this week. The coin had a good rally at the end of Tuesday when it jumped from $82 and topped at $89.36 within the next 12 hours, almost brushing the $90 price target.
In the last 12 hours, the price has dropped from $87 to pre-rally figure of $82.35 with further decline expected that will test the $80 support.
Although Litecoin could not hold the recent rally amid global correction in the cryptocurrency market, it still has the potential to recover and make gains as long as the price remains above the crucial $80 support.
If we look at the long-term chart, Litecoin price appears to be consolidating around the $80 figure. The coin is at the end of a deep bear trend. Even though the coin rallied at the beginning of the week it could not break past the $90 level.
What this means is that LTC bulls are still not in full control and simply trading within a range that is set by the bears. Sellers are still overshadowing the market and the price is more likely to move towards the bear target of $70 than the bull target of $110.
At the current price of $82 Litecoin is a sell. It would be a buy at any price below $80.
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