Litecoin price was buying and selling greater 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 whole quantity of LTC traded jumped 39.96% greater. The altcoin was buying and selling 1.37% greater at $89.94% on the time of writing. Litecoin is at the moment the 13th largest cryptocurrency by market capitalization, after Binance USD and forward of Shiba Inu.
Litecoin worth has been below intense stress for the previous few days, plunging greater than 12% prior to now 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 pink for the previous few days amid a pointy decline by Bitcoin. Bitcoin, the biggest cryptocurrency by market cap, has posted a 9% plunge over the previous week, dropping under $27,500. As the biggest cryptocurrency, many altcoins have a tendency to maneuver in tandem with its efficiency. BTC’s complete market cap has crashed to $529 billion over the previous few days, with its dominance within the crypto market declining.
The current 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. Issues over macroeconomic elements have been pushing crypto costs decrease. Markets have been in jitters forward of the Fed’s subsequent financial coverage assembly in Could as merchants worth in a 25-basis level. Hints that the US Central Financial institution may approve one other rate of interest hike in June after the one anticipated in Could, might proceed weighing on the LTC worth.
Even so, Litecoin’s third halving occasion slated for August 2, 2023, may pump the coin’s worth greater. The halving occasion is a programmed change within the provide charge of latest cash in a cryptocurrency’s blockchain. Traditionally, LTC’s halving occasions have at all times seen the Litecoin worth skyrocket. Within the run-up to its final halving occasion in 2019, the LTC worth soared by 375%. If historical past repeats itself, LTC worth 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 each day chart exhibits that the Litecoin worth has been on a steep decline for the previous few days, falling 12% prior to now week. The altcoin has managed to drop under the 50-day and 100-day shifting averages, whereas shifting under and above the 50-day and 200-day exponential shifting averages, respectively. The Transferring Common Convergence Divergence (MACD) indicator is bearish.
I count on the Litecoin worth to tick greater within the medium time period as patrons eye the following resistance ranges at $93.50 and $100. On the flipside, a transfer under the essential help stage at $83.30 will invalidate my bullish thesis.