Choose your language:
The cryptocurrency market has continued its trend this week, with Bitcoin rallying while most of the altcoins are underperforming
The cryptocurrency market has been experiencing a mixed performance since the start of the week. Bitcoin has been performing excellently and has recently broken past the $57,000 resistance level, thus paving the way for it to rally higher and target the $60,000 level.
However, the majority of the leading altcoins are currently trading in the red zone despite Bitcoin’s excellent run. Ether, Cardano, Binance Coin, XRP, Solana, Polkadot and others are all recording losses at the moment.
Litecoin is not left out as Bitcoin’s sister coin is down by more than 3% over the past 24 hours. It could record further losses if the current market conditions don’t improve over the coming hours and days.
Litecoin lost its place as one of the top ten cryptocurrencies by market cap earlier this year. It is now ranked 16th in terms of market cap. The LTC/USD 4-hour chart is starting to turn bearish following a period of losses for the cryptocurrency.
Litecoin’s MACD line is heading into bearish territory after the losses incurred over the past few hours. Its RSI of 43 shows that Litecoin is currently becoming oversold as the selling pressure in the market continues to increase.
LTC/USD 4-hour chart. Source: TradingView
If the current market conditions persist, LTC could test the first major support level at $169 over the next few hours. An extended sell-off period from the broader market could see LTC head towards the second major support level at $165. Unless the bearish sentiment goes on longer, Litecoin should steer clear of the sub-$160 level.
On the other hand, if the altcoins resume their rally, Litecoin could make a move for the first resistance point at $177. Further support from the broader cryptocurrency market could see Litecoin test the second major resistance level at $186 over the next few hours.
Check out our how to buy Litecoin page here
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Litecoin price analysis: LTC struggling to defend the $170 level
