Litecoin has been battered and bruised this week following a market-wide sell-off that has seen it fall to its lowest point since July.
At the time of writing it was trading at $132 with a market cap of $9.2 billion, making it the 25th largest cryptocurrency.
It is now 56.2% lower than on November 10 when it topped the $300 mark.
Historical levels of support remain at $118, $104 and $91, although it is expected to have a slight relief bounce back into the $152 region before heading lower.
LTCUSD chart by TradingView
The gruelling downtrend is now confirmed across all timeframes. A bullish reversal would only be triggered if it begins to trade and close daily candles above $183.
Litecoin isn’t the only asset to have struggled this week, Bitcoin finds itself beneath the $42,000 mark while Ethereum has fallen all the way down to $3,200.
As traders prepare themselves for a prolonged bear market, investors can expect price points as low as $50 over the coming 12 to 18 months.
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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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