Litecoin is a peer-to-peer cryptocurrency that uses the Scrypt algorithm for its proof of work system. It was introduced on October 7, 2011, by the founder of cryptocurrency Charlie Lee, with a goal of offering faster transaction confirmation times as compared to Bitcoin. Litecoin has a market capitalization of $5.6 billion, making it the 3rd most valuable cryptocurrency after Bitcoin and Ethereum. In the past few months, Litecoin has seen a lot of volatility. The price of LTC climbed from $2.84 on December 13, 2017, to a high of $317.77 on December 15, 2017, before falling to $156.45 on January 5, 2018
Prices have been skyrocketing for the last few weeks for Litecoin, the 6th largest cryptocurrency by market cap. The cryptocurrency peaked $336.3 on December 16, 2017 and has been slowly declining ever since, with a brief spike in the middle of the week. The crypto is now sitting at $120.93, making a small $7.69 drop for the week.
For the cryptocurrency market, the past weeks have been rather disappointing. In the last few months, Litecoin (LTC) had been one of the few crypto assets that had managed to gain some market cap. After a spectacular 11x gain in May, LTC climbed to $250, but from there fell sharply, down to around $120, at the moment of writing. This is a big drop, but is it the beginning of a long-term correction?. Read more about bitcoin cash analysis and let us know what you think.Summary of the situation
- LTC dropped last night.
- The $120 bracket is still in effect.
- The next downside target is $95-100.
The Litecoin price analysis for today is bearish, as the market pulled back overnight and returned to the $120 support level. Therefore, further declines are expected in the coming days as the bears aim for new lows next week.
Heatmap for crypto-currencies. Source: Coin360
The market has moved with mixed results over the past 24 hours. Bitcoin lost 1.44 percent and Ethereum lost nearly 3 percent. The rest of the crypto-currency markets performed similarly, with Polkadot (DOT) among the worst performers with a loss of 5%.
Litecoin price movement in the last 24 hours
LTC/USD was trading in a range of $119-$129, indicating good volatility. Trading volume rose 14% to $2.1 billion. Meanwhile, the cryptocurrency has a total market capitalization of $8.2 billion, ranking it 13th.
LTC/USD 4-hour chart – Is the LTC ready to move towards $100?
On the 4 hour chart we can see that the price of Litecoin is reversing after rising earlier this week and generating bearish momentum again yesterday.
4-hour chart LTC/USD. Source: TradingView
Looking at the overall structure of Litecoin’s price action over the past few weeks, we can see that the bears are still in charge. After Litecoin showed a strong pullback in May, support was eventually found around the $120 level. After a strong rally towards the $200 level, LTC/USD failed to make any progress and made several lower highs in the following weeks.
This has led to a steady decline in recent weeks. The last rise to around $180 was on the 15th. June reached. Since then, LTC/USD has fallen more than 40% until a local bottom formed on Tuesday.
The price of Litecoin fell mid-week and has marked a significant low below $140 in recent days. A slow decline followed yesterday and overnight the level of $120 was reached.
Litecoin has traded relatively quietly in recent days, suggesting that bears are preparing to push the market price lower in the next 24 hours. Therefore, given the overall price action, we should see LTC/USD move lower next week and reach the next support around $95 – $100.
Litecoin Price Analysis: Supplement
The Litecoin price analysis is bearish for the coming days, as we saw a clear lower high around $135 yesterday and a significant move lower overnight. This change in LTC/USD price dynamics is expected to lead to a further decline next week, with the next target being the support zone around $95-100.
While we wait for Litecoin to hit new lows, check out our guides on the benefits of DeFi, bitcoin costs, what can you buy with bitcoins?
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.Litecoin, a cryptocurrency that was created by former Google engineer, Charlie Lee, has been around since 2011 and has grown in popularity in the last few years. But as of late, it’s been struggling to maintain its value. Some of its market share has been taken away by Bitcoin, which had been the leading cryptocurrency for quite a while.. Read more about will litecoin reach 10000 and let us know what you think.
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