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Sellers are keeping the pressure on, according to the CoinMarketCap ranking.
The price of Litecoin (LTC) has dropped by 0.41% over the last 24 hours.
On the hourly chart, the rate of Litecoin (LTC) is on its way to testing the support of $62.31. If the situation does not change, closure near the mentioned mark might be a prerequisite for a blast to the $62 zone.
On the daily time frame, the situation is almost unchanged since yesterday as the rate keeps trading in a narrow channel, accumulating energy for a further move.
However, if buyers lose the $62 zone, there is a high chance of seeing a support level breakout, followed by a continued drop to $60.
On the bigger chart, the rate of LTC has bounced off the zone of $70, which means that buyers are not ready yet to seize the initiative. Currently, traders should focus on the $60 zone. If the decline continues to it, bears can keep the fall to the $55 mark.
LTC is trading at $62.88 at press time.