18 May Litecoin price analysis 18 May 2019; testing support levels
Litecoin is shaping to be a big disappointment for many early investors expecting a $110 price breakthrough.
Unfortunately, those hopes and predictions were quickly shattered by a major bearish market that started on the 16th of May. Nearly every single coin was suffering from some exceptions here and there.
There have been some rebounds here and there such as the $100 mark on 16th and $90 yesterday. Therefore it is realistic to consider those prices as the next major resistance levels.
LTC is currently at a stable, but not very comfortable $88 with a very tough night ahead.
Considering the overall market capitalisation of the cryptocurrency market, at $210 billion since $250 billion a few days ago, most cryptos will either have a further decline towards $200 billion capitalisations or a frozen market until Monday.
The major market resistance level is currently sitting at $210 billion. Should it surpass this level by the end of Monday, after a serious bearish market, it is expected that major cryptos such as BTC, ETH, XRP and LTC to regain their former strength.
Overall, it is up to these coins to propel the market upwards. Should they regain their footing, the whole market will follow suit.
The current trends are definitely not in the hands of new partnerships being formed by various cryptos, it’s mostly about the investor sentiment. Therefore it depends on the major market makers decisions. Should a large sell order appear in the order list, it’s best for smaller investors to simply mimic it.