Litecoin creeping lower as cryptocurrencies turn south

Litecoin grinding lower over 5% during the evening (GMT) session on Wednesday. The declines are in tandem with the trend on the market. Bitcoin is leading from behind with a 0.3% drop. Litecoin is the biggest single-digit loser among the top ten cryptocurrencies. Ethereum is down 0.72%, Ripple 0.37% and Bitcoin Cash has corrected lower by 0.39%.

The market came out of the dark ‘crypt’ on Friday 8. Litecoin was the market leader spiking 30% in a single day from the low around $32.00 to highs slightly above $47.00. The bullish reaction was connected to Litecoin decision to introduce fungibility and privacy features in 2019. Investors’ sentiments towards Litecoin changed positively as buyers pushed the price to the highest levels in 2019.

Litecoin is seen trading at $41.55 at press time. The reason behind the downtrend is undermined, however, it is likely that traders are taking profits in the wake of the gains. It is essential that the bulls protect the immediate support at the 61.8% Fib retracement level taken from the last upswing at $47.23 and a downswing of $27.88 close to the 4-hour 50-day Simple Moving Average (SMA) at $40.00. This will ensure that declines do not extend below $40.00 and that LTC buyers gather strength to attack higher levels towards $50.00.

LTC/USD 4-hour chart