Litecoin value was buying and selling larger on Monday, wiping a few of its losses from its earlier buying and selling session. The coin’s market cap has elevated by 2.59% over the past day, whereas the entire quantity of LTC traded jumped 39.96% larger. The altcoin was buying and selling 1.37% larger at $89.94% on the time of writing. Litecoin is at present the 13th largest cryptocurrency by market capitalization, after Binance USD and forward of Shiba Inu.
Litecoin value has been beneath intense strain for the previous few days, plunging greater than 12% previously week. The altcoin has dropped greater than 17% from its highest stage this 12 months however stays 34% above its lowest level in 2023.
Most altcoins, together with Litecoin, have been within the crimson for the previous few days amid a pointy decline by Bitcoin. Bitcoin, the most important cryptocurrency by market cap, has posted a 9% plunge over the previous week, dropping beneath $27,500. As the most important cryptocurrency, many altcoins have a tendency to maneuver in tandem with its efficiency. BTC’s whole market cap has crashed to $529 billion over the previous few days, with its dominance within the crypto market declining.
The latest downtrend within the crypto market has additionally seen most altcoins decline over the previous week with XRP, Cardano, Dogecoin, and Polygon, falling by 9.44%, 12%, 14.52%, and 14.55%, respectively. Considerations over macroeconomic elements have been pushing crypto costs decrease. Markets have been in jitters forward of the Fed’s subsequent financial coverage assembly in Might as merchants value in a 25-basis level. Hints that the US Central Financial institution would possibly approve one other rate of interest hike in June after the one anticipated in Might, might proceed weighing on the LTC value.
Even so, Litecoin’s third halving occasion slated for August 2, 2023, would possibly pump the coin’s value larger. The halving occasion is a programmed change within the provide price of recent cash in a cryptocurrency’s blockchain. Traditionally, LTC’s halving occasions have all the time seen the Litecoin value skyrocket. Within the run-up to its final halving occasion in 2019, the LTC value soared by 375%. If historical past repeats itself, LTC value might begin gaining with its halving occasion nearly 100 days away. Nevertheless, macroeconomic elements might come into play and have an effect on the worth of the asset.
The every day chart exhibits that the Litecoin value has been on a steep decline for the previous few days, falling 12% previously week. The altcoin has managed to drop beneath the 50-day and 100-day shifting averages, whereas shifting beneath and above the 50-day and 200-day exponential shifting averages, respectively. The Shifting Common Convergence Divergence (MACD) indicator is bearish.
I anticipate the Litecoin value to tick larger within the medium time period as consumers eye the following resistance ranges at $93.50 and $100. On the flipside, a transfer beneath the essential assist stage at $83.30 will invalidate my bullish thesis.
LTC Value Chart