AnalysisCoin

Litecoin Price Analysis: Litecoin marks 18.03 percent weekly drop since Monday last week

  • Litecoin price analysis has been bearish for the last 2 days
  • Coinmarketcap indicates the LTC has a market capitilzation of $8.7 billion
  • The weekly chart indicates a drop by 18.03 percent since last week

Litecoin Price Analysis: General price overview 

Litecoin price analysis has been bearish for the last 2 days after breaking below the overhead resistance at $135. Yesterday’s close halted into a 4.64 percent downswing which marked the second consecutive day of a falling wedge. Coinmarketcap indicates the LTC has a market capitilzation of $8.7 billion , only a few points by volume ahead of Solana at $8.5 billion. The weekly chart indicates a drop by 18.03 percent between last week’s monday and today. By perfomance, Litecoin is ranking at position 6 after being toppled by new entrant KLAY. 

Leading crypto class assets by perfomance in the last 2-days include Bitcoin (BTC), Cardano (ADA), Solana (SOL), Polygon (MATIC) and KLAY. Bulls and bears are both mixed up by the prevailing trend after Bitcoin went up by 5 percent during the morning hours and hit $35K. Ethereum on the other hand corrected upwards by 8 percent and hit $1,983. 

And since Litecoin has mostly perfomed in sync with Bitcoin,  LTC proponents are evaluating technicals to find what could be wrong. Trend analysits are insistent on the 14-day major trend and suggest it’s been lying downwards.Another important observation as we head towards the close of June is the perfomance of the coin over the last 30-days. Out of those days, 16 have been bearish. 

Litecoin price movement in the last 24 hours

The 50-day simple moving average at $192 is downslopping and closing in on the 200-day exponential moving average near $190.  Increasing bearish momentum might force a long-term bearish crossover on the 24-hour chart and activate $120 – $130 price level. At this point, momentum is lying towards the negative. Majority of unit biased traders think its the best time to buy Litecoin and hold on to it in the medium-term or long term. Shorting traders and dip investors can wait a little longer for Litecoin to sink into its logical downside target below Tuesday’s low at $104. 

Litecoin price
Source: TradingView

Litecoin started the daily trading chart at an opening price of $131, hit an intraday low of $130 and an intraday high of $134. 

Litecoin  4-hour price chart 

At the time of writing, Litecoin is trading at $131 against the US dollar. There is a falling wedge on the 1-hour chart from $134 to the current price. The bulls are attempting to break out of a descending trend line that began on Friday and set up a rally towards key resistance near $150. 

Litecoin price analysis conclusion

Generally, the prevailing market is a good time to invest in litecoin for the long term. The risk of unit bias is low and there are high chances that Litecoin will gain 1000 percent by the end of 2022.  In fact, one CEO is so bullish with Bitcoin that he believes it will hit $160,000 by the end of 2021. Such a perfomance would sync the overal market towards the next price rally. 

Source: cryptopolitan.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button