Litecoin (LTC/USD) dropped by 27% from recent highs at $300. The overall drop in price, considering the strong uptrend we have seen since August, is just a technical price correction that presents an opportunity more than anything else. Litecoin is currently trading at $221 level and the price is expected to hold above the $190 level. Looking at the price chart below, we can see the 50 day moving average at $208 and the 200 day (red line) at $188. both moving averages are trending up and will provide support and upside momentum as price getting closer to them. In addition, the volume weighted average price shows that most investors holding Litecoin this year bought at the 197-207 price level. Accordingly, that price level should provide support level below current price.
