Litecoin marks 18.03 percent weekly drop since Monday last week


In the last week, Litecoin has seen a bearish price trend. LTC/USD has dropped from $188 to $157. This has resulted in Litecoin price dropping by nearly 18.03 percent since Monday last week. Litecoin has seen a steady downward trend since the start of this year, as the cryptocurrency’s market cap has dropped by more than $17 billion, to $8.9 billion in May, and losses have continued in the last week.

On a day when S&P futures are up by less than a point, Litecoin is giving back 18.03 percent of its value, nearly a fifth of its value, and more than any other cryptocurrency. That’s the eighth straight week in a row that Litecoin has shed value, and the 13th week in the last 14 that it has lost value.

Litecoin’s price may be down by 18.03 percent since Monday last week, but the currency’s value is still soaring at the moment. The Litecoin price has dropped 6.83 percent since the start of the week, which has sparked some controversy, and has angered some buyers who are now worried whether or not they should sell their Litecoin.

Summary of the situation

  • Litecoin price analysis has been bearish for the past 2 days.
  • According to Coinmarketcap, LTC has a market capitalization of $8.7 billion.
  • The weekly chart shows a decline of 18.03% from the previous week.

Litecoin Price Analysis: Price Overview

Litecoin price analysis has been bearish for the past 2 days after breaking upper resistance at $135. Yesterday’s closing price was down 4.64%, marking the second consecutive day of a downward wedge. According to Coinmarketcap, LTC has a market cap of $8.7 billion, which puts it just a few points ahead of Solan at $8.5 billion. The weekly chart shows a drop of 18.03% between last Monday and today. Litecoin ranks 6th in terms of performance after being supplanted by newcomer KLAY.

The top assets in the crypto-currency class in terms of performance over the past two days are Bitcoin (BTC), Cardano (ADA), Solana (SOL), Polygon (MATIC) and KLAY. Both the bulls and the bears are at a loss for words after bitcoin rose 5% in the morning and hit the $35,000 mark. Ethereum, meanwhile, corrected 8% to $1,983.

And since Litecoin is basically in sync with Bitcoin, LTC advocates are evaluating the technical data to understand what could go wrong. Trend analysts maintain that there is a primary 14-day trend and point out that it is down.Another important observation as we approach the end of June is the performance of the currency over the past 30 days. Of these days, 16 were bearish.

Litecoin price movement in the last 24 hours

The 50-day simple moving average at $192 is falling and approaching the 200-day exponential moving average at $190.  Increasing bearish momentum could force a long-term bearish cross on the 24-hour chart, activating the $120-$130 price level. For now, the momentum is moving towards a negative value. Most biased traders think this is the best time to buy Litecoin and hold it for the medium to long term. Short traders and bearish investors may wait a little longer before Litecoin reaches its logical downside target below Tuesday’s low at $104.

Source: TradingView

Litecoin marks 18.03 percent weekly drop since Monday last week

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

Litecoin4 hour price chart

At the time of writing, Litecoin is trading at $131 against the US dollar. The 1-hour chart shows a downward wedge of $134 at the current price. The bulls are trying to break out of the downtrend line that began Friday and begin a rally towards key resistance around $150.

Litecoin Price Analysis Conclusion

Overall, the current market is a good time to invest in Litecoin for the long term. The risk of unit bias is low, and there is a good chance Litecoin will gain 1,000% by the end of 2022.  In fact, one CEO is so confident in bitcoin that he thinks it will reach $160,000 by the end of 2021. This momentum will synchronize the entire market on the way to the next price rally.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.As is typical when Litecoin has a big price spike, the Litecoin price has fallen rapidly. With a 24 hour trading volume of $3.5bn, it is probably best to avoid trading on the currency for a while, as it may be too early to know how much longer this trend will continue.. Read more about litecoin news update and let us know what you think.

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Emilia James
By Emilia James

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