Latest Litecoin price and analysis (LTC to USD)

Litecoin remains in a bearish posture moving into the typically low volume weekend as it closely mirrors the price action of Bitcoin

Litecoin is currently struggling to gather momentum in the $130 region despite an uptick in other altcoins assets like Ethereum, Aave and Polkadot.

It seems to be correlating closely with Bitcoin’s price action, although it did print a lower high at $117 on Wednesday.

Litecoin’s chart against its Ethereum trading pair on Binance paints a clearly woeful picture, with it having lost more than 54% of its value since December 26.

It is now the eighth largest cryptocurrency by market cap after being leapfrogged by Polkadot, Chainlink and Cardano in recent weeks.

LTCUSD chart by TradingView

A key level of support remains at $122, but if that breaks with a daily candle close below it will likely slump back to its previous level of resistance at $93.

If, however, it can enjoy a period of bullish momentum, it could target the $137 level of resistance before potentially looking towards $165.

For that to happen it would need a healthy injection of trade volume, with it currently averaging around $6 billion per day compared to more than $18 billion before the turn of the year.

If Bitcoin suffers a breakdown in price below $30,000, Litecoin will likely suffer a worse fate as it would confirm a downtrend with lower highs and lower lows.

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About Litecoin

Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It is a fork of Bitcoin, with the main difference being a smaller block generation time. The protocol also increased the maximum number of coins and implemented a different script-based algorithm.

Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.

More LTC news and information

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