Litecoin price was buying and selling increased 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% during the last day, whereas the whole quantity of LTC traded jumped 39.96% increased. The altcoin was buying and selling 1.37% increased 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 value has been below 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 pink 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 under $27,500. As the most important 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. Considerations over macroeconomic components 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, could 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 increased. The halving occasion is a programmed change within the provide charge 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 may begin gaining with its halving occasion virtually 100 days away. Nonetheless, macroeconomic components may come into play and have an effect on the worth of the asset.
The every day chart reveals 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 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 Shifting Common Convergence Divergence (MACD) indicator is bearish.
I count on the Litecoin value to tick increased within the medium time period as consumers eye the subsequent 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.