Litecoin (LTC) has continued to play out its bearish pattern overnight, dropping in value by 5% after being rejected from the $70 level of resistance.

At the time of writing, LTC is trading at around $67.

The $70 level was used as support three times in April and four times more recently in August until a bearish break on August 28.

It now seems to have flipped into a level of resistance, similar to in September 2018 when a rejection eventually saw it fall all the way down to $21 within a matter of months.

The recent price action will certainly be disappointing to avid followers of the project, especially those who were tipping Litecoin to eclipse new all-time highs following the ‘halving’ event.

However, since block rewards for miners were slashed, Litecoin has actually tumbled significantly, dropping by more than 50% from its yearly high of $146 in June.

About Litecoin

Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It was a fork of Bitcoin with the main difference being a smaller block generation time, increased maximum number of coins, and a different script-based algorithm.

Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.

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