Litecoin remains in a bearish posture from a macro perspective following yet another gruelling lower high following last month’s 75% correction.
Litecoin is now the 12th largest cryptocurrency with a market cap of $11.2 billion. It has now formed three consecutive lower highs at $206, $195 and $180, indicating that investors are losing interest in the asset.
Trade volume has also dropped off significantly, with it recording just $2 billion of the past 24-hours compared to last month when it regularly topped $10 billion.
Whilst the Litecoin chart remains bearish on all time frames, it may be helped by a potential recovery in the price of Bitcoin, which has been given a lift by its recent adoption as a currency by El Salvador.
This, coupled with MicroStrategy’s insistence on raising more capital to acquire more Bitcoin, demonstrates that the recent bull market is still showing signs of adoption on a national scale.
For Litecoin, however, the lack of retail interest paints a damming picture for the cryptocurrency that launched in 2013. Downside levels of support remain at $147, $118 and $91, whilst resistance to the upside is standing firm at $180 and $206.
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.
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