On June 25, Litecoin costs hit the $60 resistance stage and failed to interrupt to the upside. One other trial adopted this within the early hours of June 26, when costs additionally failed to interrupt to the upside. Because the session progressed, a brand new bearish development emerged, which noticed the session shut with a worth lack of 3.8 per cent.
Since then, Litecoin costs have continued to plummet, dropping by 13 per cent up to now three buying and selling periods. Right now, the costs are down by a share level, persevering with the three-day bearish development.
Why Is Litecoin Dropping?
The previous few weeks have seen the cryptocurrency struggling within the markets. Nonetheless, beginning on June 14, the tide of the trade began to alter, and we began to see cryptocurrencies reminiscent of Bitcoin and Litecoin begin to acquire within the markets.
The tide has now begun to alter for the draw back, which is affecting Litecoin costs. As an example, Bitcoin, which is positively correlated with Litecoin, additionally began dropping on June 25 and has continued in 4 consecutive buying and selling periods since then. A drop in Bitcoin additionally means all cryptocurrencies which have a optimistic correlation with it are affected. Litecoin, forked from Bitcoin, has been among the many most affected by the present bear market.
Litecoin Value Prediction
After hitting the $60 assist stage, Litecoin costs are in a powerful bearish transfer that has seen it shut the markets with a loss up to now three consecutive buying and selling periods. Right now, with a one per cent loss within the markets, Litecoin is prone to proceed with the bearish development.
Due to this fact, I anticipate the costs to proceed buying and selling downwards all through the buying and selling session. I additionally anticipate the development to proceed within the coming session. My Litecoin worth prediction expects the value to commerce beneath $50 within the subsequent few buying and selling periods. If the costs have sufficient momentum, I anticipate them to drop to the $40 assist stage and doubtless commerce beneath it.
My evaluation will probably be invalidated if the costs reverse and commerce above the $60 resistance stage. At that time, the bullish development can have been established.
Litecoin Day by day Chart