Litecoin (LTC) price has dropped for the second day in a row as crypto sell-offs pick up pace. The LTC is trading at $ 155.76, 33% below its May 20 high. Other cryptocurrencies like Bitcoin, Ethereum and Cardano have also fallen, while the total market capitalization of all cryptocurrencies tracked by CoinMarketCap has declined by more than 10% over the past 24 hours.
What happened: Litecoin and Bitcoin have a close relationship in that the two coins were created to do the same thing. They were all built to decentralize the financial industry. Today, Litecoin is used to facilitate online and offline transactions.
According to the founder of Litecoin, this is what most of the people who use the network do to avoid the high fees and congestion in the Bitcoin ecosystem. Still, most of the existing bitcoins and litecoins are mainly used as investments and not as a medium of exchange.
Like Bitcoin Cash, Litecoin is often used as a proxy for Bitcoin. Many investors who buy LTC do so as a bet on Bitcoin. This is because one Bitcoin can buy almost 200 Litecoins. Therefore, when Bitcoin falls, so do other coins such as Litecoin.
LTC and BTC decline as countries tighten their crypto regulations and ahead of the upcoming US inflation data. The numbers are expected to show that the overall consumer price index (CPI) rose more than 4% in May as commodity prices continue to rise. This means the Federal Reserve could be forced to act sooner than expected.
Litecoin price prediction
The daily chart shows that the LTC price has been under a lot of pressure in the past few days. The coin stays below the 25- and 15-day exponential moving averages, which is a sign that the bears are still in control. We also see the volume drop, which is not a bullish factor.
Hence, the LTC price could continue to fall as investors target the next major support at $ 118, which is about 25% below current levels. On the flip side, a move above $ 180 will invalidate the bearish view. This forecast is consistent with my forecast two weeks ago.
Don’t miss a beat! Follow us on Telegram and Tweet.
LTC price chart
Follow Crispus on Twitter.
Source: source link
r nCredit: Source link "," author ": " @ type ":" Person "," name ":" cryptocentral101 "," url ":" https: / / cryptocentral.tech / author / cryptocentral101 / "," Article section ":["Litecoin"], "image": "@ type": "ImageObject", "url": "https: / / cryptocentral.tech / wp-content / uploads / 2021 / 06 / Litecoin-Price-1024x514 .png "," width ": 1024," height ": 514," publisher ": " @ type ":" Organization "," name ":" "," url ":" https: / / cryptocentral .tech "," logo ": " @ type ":" ImageObject "," url ":" "," sameAs ":["https://cryptocentral.tech/ltc-could-fall-further-from-here/#","https://cryptocentral.tech/ltc-could-fall-further-from-here/#","https://cryptocentral.tech/ltc-could-fall-further-from-here/#","https://www.linkedin.com/"]