Litecoin reacted quite dramatic to all the news from China last week. This is due because the cryptocurrency is really popular among Chinese investors.
- The price reached $33, a solid support level defined back in July. The rebound occurred very quick, but we did not see the trend continuation.
- Today, LTC has dropped to the sixth place in terms of the market capitalization, Dash became the fifth. This is another negative indicator for a «digital silver.»
- Right now, $65 represents the strongest resistance level for LTC, but another possible scenario may be a long-term price action in the $42 to $55 range, providing traders with an opportunity to work in a trade corridor.