The cryptocurrency market has continued its pattern this week, with Bitcoin rallying whereas many of the altcoins are underperforming
The cryptocurrency market has been experiencing a blended efficiency for the reason that begin of the week. Bitcoin has been performing excellently and has lately damaged previous the $57,000 resistance stage, thus paving the way in which for it to rally larger and goal the $60,000 stage.
Nonetheless, the vast majority of the main altcoins are at the moment buying and selling within the crimson zone regardless of Bitcoin’s glorious run. Ether, Cardano, Binance Coin, XRP, Solana, Polkadot and others are all recording losses for the time being.
Litecoin shouldn’t be disregarded as Bitcoin’s sister coin is down by greater than 3% over the previous 24 hours. It might file additional losses if the present market circumstances do not enhance over the approaching hours and days.
Litecoin worth outlook
Litecoin misplaced its place as one of many prime ten cryptocurrencies by market cap earlier this 12 months. It’s now ranked sixteenth by way of market cap. The LTC/USD 4-hour chart is beginning to flip bearish following a interval of losses for the cryptocurrency.
Litecoin’s MACD line is heading into bearish territory after the losses incurred over the previous few hours. Its RSI of 43 exhibits that Litecoin is at the moment changing into oversold because the promoting strain out there continues to extend.
LTC/USD 4-hour chart. Supply: TradingView
If the present market circumstances persist, LTC might check the primary main help stage at $169 over the following few hours. An prolonged sell-off interval from the broader market might see LTC head in direction of the second main help stage at $165. Until the bearish sentiment goes on longer, Litecoin ought to keep away from the sub-$160 stage.
Alternatively, if the altcoins resume their rally, Litecoin might make a transfer for the primary resistance level at $177. Additional help from the broader cryptocurrency market might see Litecoin check the second main resistance stage at $186 over the following few hours.
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