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Over the last seven days, bearishness seems to have spread through the cryptocurrency sector. With Bitcoin hovering near the $53k mark at press time, much of the market’s altcoins’ values are starting to fall on the charts. Litecoin is no different, with LTC down by more than 15% in the last week.
LTC was valued at $174.3 at the time of publication, with a 24-hour trading rate of more than $3.7 billion. The coin has lost up to 10% in the last 24 hours alone, and the coin’s price could decline further in the coming week before a rebound can occur.
Litecoin 1-day chart
At the time of publication, the market price of Litecoin had changed from a high support level to opposition. The support level of $207 was broken, a level that had proved to be a formidable range that had defied the coin’s attempts to step upwards over the previous two weeks. LTC was betting on a support around the $162-range at the time of writing, and if this support is broken in the next 48 hours, LTC is expected to move for a valuation below $140, after which it may stabilise around $137.
Traders with short positions stand to prosper in such a situation and will profit in this range.
The technical indicators for Litecoin further highlighted the bearishness in the LTC market. The MACD indicator recently experienced a bearish crossover, and there seemed to be no signs of a turnaround in the coming days at the time of publishing. This could push the price of LTC even lower in the coming week.
The RSI indicator was also going towards the oversold sector, indicating that the LTC market was dominated by sellers at the time of publishing.
Important levels to watch out for
Resistance: $209.4, $243.7
Support: $162.7, $137.9
Take Profit: $141.5
Stop Loss: $207.3
At the time of publishing, Litecoin was witnessing an uptick in bearish pressure, and the coming week does not actually see a pattern turnaround. This is particularly valid if the press time help is transformed to opposition. In such a case, LTC’s price is expected to fall below $140 before stabilising.