The Litecoin value has slipped into the crimson on the week. Moreover, weekends haven’t been variety to the crypto market recently. So what occurs to LTC now?
Litecoin is buying and selling at $132.70, down $4.38 (-3.21%) on the day, and decrease by -0.82% during the last seven buying and selling days.
Presently, Litecoin occupies thirteenth place on CoinMarketCap’s listing and has a market capitalisation of round $9.050 billion. Nonetheless, LTC might quickly give up this rank to Solana, which sits at 14th and has a $9.006 billion valuation.
On June twenty second, LTC traded right down to $104.17, which set a new low for 2021. Nonetheless, within the seven days that adopted, the worth recovered 44% and gave the impression to be ending the month on a constructive be aware.
Though, within the final two days, Bitcoin And Ethereum have struggled to take care of their bullish momentum and at the moment are turning decrease. This weak point has seeped into the remainder of the market, and subsequently, LTC has slumped 14% decrease from Wednesday’s $150.30 excessive.
Sadly, all of the indicators level to the poor efficiency persevering with.
LTC technical outlook
The 4-hour value chart exhibits the Litecoin value stays in a transparent downtrend, at the moment capping the worth at $155.00. Moreover, the current value motion has resulted within the formation of a bear flag.
This may very well be seen as a continuation sample, and may the worth penetrate the decrease finish of the flag at $129.50, LTC is more likely to leg decrease. The primary goal on a downwards extension can be the twenty sixth of June low at $118.50. And following that, the 2021 low at $104.77.
Moreover, the Relative Energy Indicator is breaking down, and reinforcing the damaging sentiment.
The bearish outlook will solely be reversed if LTC breaks out of the downtrend. Due to this fact, an in depth above $155.00 invalidates the bearish view.
Litecoin value chart (4-hour)
Comply with Elliott on Twitter.