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

If you want to find out more information about LTC or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started:

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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