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.