The whole digital currency market was in a severe red a week ago, the cost of a large portion of the cryptographic forms of money declined including Bitcoin, ethereum, bitcoin money, Cardano and EOS. Litecoin broke it’s the obstruction of $70 and exchanged beneath the $76.00 and $74.00 bolster levels.
The entire market was bleeding following the Tether-Bitfinex Saga, which adversely affected the market and pushes the price of all major currency down. While technical analyst crypto market will surge to further heights, but it’s collapsed drastically, but with the start of the new month, the bulls begin to rebound. The price of bitcoin has surged to $5400 mark again, as the whole crypto market is dominated by Bitcoin, all major cryptocurrencies gained their momentum.
On May 1, Litecoin was trading in the bear zone, the price was in a downward correction testing the $78 resistance level. On the 2-hours chart litecoin, the price rebounding upward move from the $68.81, it broke the $72.50 resistance. In addition, there was a break above the Fib retracement level of 76.4% of the last decline from the high of $ 76.04 to the low of $ 68.81. More importantly, the price broke an important downtrend line with resistance at $ 73.30 on the same chart.
The whole market was draining after the Tether-Bitfinex Saga, which antagonistically influenced the market and drives the cost of all significant cash down………….
News Source: TheCoinRepublic