The decline seems to have entered the crypto market in the last 7 days. While Bitcoin is currently being traded around $ 53,000, many altcoin prices in the market are also declining, LTC also dropped 15 percent last week.
At the time of this writing, LTC is trading at $ 174.3, and its 24-hour trading volume exceeds $ 3.7 billion. In the last 24 hours alone, the coin has recorded losses of up to 10 percent, and next week LTC may see further drop in price before a rebound takes place.
1-day Litecoin price chart
Litecoin price turned a strong support level into a resistance level at the time of this writing. Support at $ 207 was a tough range that has resisted attempts to move upwards in the past two weeks. At the time of writing, LTC is based on support around $ 162, and if that support is breached in the next 48 hours, LTC is likely to move towards a valuation below $ 140 and then stabilize around $ 137.
In such a scenario, traders with short positions can take advantage of this and make a profit in this range.
Litecoin’s technical indicators showed the decline in the LTC market even more clearly. The MACD indicator has shown a bearish trend in the recent past and at the time of this writing there seems to be no indication that a reversal is likely in the coming days. This could drive the price of LTC further down next week.
The RSI indicator is also heading towards the oversold zone, predicting that the LTC market is dominated by market sellers.
Litecoin is seeing an increase in bearish pressure at the time of this writing, and a trend reversal may not necessarily have to be reversed next week. This will be especially true if its current support is turned into resistance. In such a scenario, LTC’s price is likely to drop below $ 140 before stabilizing.