The Litecoin worth has slipped into the crimson on the week. Moreover, weekends haven’t been type to the crypto market currently. So what occurs to LTC now?
Litecoin is buying and selling at $132.70, down $4.38 (-3.21%) on the day, and decrease by -0.82% during the last seven buying and selling days.
Presently, Litecoin occupies thirteenth place on CoinMarketCap’s listing and has a market capitalisation of round $9.050 billion. Nonetheless, LTC might quickly give up this rank to Solana, which sits at 14th and has a $9.006 billion valuation.
On June twenty second, LTC traded right down to $104.17, which set a new low for 2021. Nonetheless, within the seven days that adopted, the worth recovered 44% and seemed to be ending the month on a optimistic be aware.
Though, within the final two days, Bitcoin And Ethereum have struggled to take care of their bullish momentum and are actually turning decrease. This weak spot has seeped into the remainder of the market, and subsequently, LTC has slumped 14% decrease from Wednesday’s $150.30 excessive.
Sadly, all of the indicators level to the poor efficiency persevering with.
LTC technical outlook
The 4-hour worth chart exhibits the Litecoin worth stays in a transparent downtrend, at the moment capping the worth at $155.00. Moreover, the latest worth motion has resulted within the formation of a bear flag.
This may very well be seen as a continuation sample, and will the worth penetrate the decrease finish of the flag at $129.50, LTC is prone to leg decrease. The primary goal on a downwards extension can be the twenty sixth of June low at $118.50. And following that, the 2021 low at $104.77.
Moreover, the Relative Power Indicator is breaking down, and reinforcing the destructive sentiment.
The bearish outlook will solely be reversed if LTC breaks out of the downtrend. Due to this fact, a detailed above $155.00 invalidates the bearish view.
Litecoin worth chart (4-hour)
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