On June 25, Litecoin costs hit the $60 resistance degree and failed to interrupt to the upside. One other trial adopted this within the early hours of June 26, when costs additionally failed to interrupt to the upside. Because the session progressed, a brand new bearish development emerged, which noticed the session shut with a worth lack of 3.8 per cent.
Since then, Litecoin costs have continued to plummet, dropping by 13 per cent prior to now three buying and selling periods. Right this moment, the costs are down by a share level, persevering with the three-day bearish development.
Why Is Litecoin Dropping?
The previous few weeks have seen the cryptocurrency struggling within the markets. Nevertheless, beginning on June 14, the tide of the trade began to vary, and we began to see cryptocurrencies comparable to Bitcoin and Litecoin begin to acquire within the markets.
The tide has now begun to vary for the draw back, which is affecting Litecoin costs. For example, Bitcoin, which is positively correlated with Litecoin, additionally began dropping on June 25 and has continued in 4 consecutive buying and selling periods since then. A drop in Bitcoin additionally means all cryptocurrencies which have a optimistic correlation with it are affected. Litecoin, forked from Bitcoin, has been among the many most affected by the present bear market.
Litecoin Worth Prediction
After hitting the $60 help degree, Litecoin costs are in a robust bearish transfer that has seen it shut the markets with a loss prior to now three consecutive buying and selling periods. Right this moment, with a one per cent loss within the markets, Litecoin is prone to proceed with the bearish development.
Due to this fact, I count on the costs to proceed buying and selling downwards all through the buying and selling session. I additionally count on the development to proceed within the coming session. My Litecoin worth prediction expects the value to commerce beneath $50 within the subsequent few buying and selling periods. If the costs have sufficient momentum, I count on them to drop to the $40 help degree and doubtless commerce beneath it.
My evaluation might be invalidated if the costs reverse and commerce above the $60 resistance degree. At that time, the bullish development could have been established.