Litecoin price has remained within week-long horizontal channel with 240 being a steady support zone. According to CoinMarketCap, its market cap has dropped by 11.36% over the past 24 hours. During this timeframe, its trading volume has declined by 2.71%.
Notably, LTC has followed the downward trajectory set by the leading crypto. After hitting an intraday high of $66,374.98, BTC has dropped by 8.01% as the bulls defend the support at $60,000. In comparison, Litecoin, Ethereum, and Dogecoin have fallen by 12.62%, 9.19%, and 7.00% respectively.
Litecoin price prediction
For a week now, LTC has been holding steady above the support zone of 240 despite heightened volatility. On Monday, it hit an intraday high of 282.01 before pulling back. At the time of writing, it was down by 6.53% at 245.78.
On a two-hour chart, Litecoin price is trading below the 25 and 50-day exponential moving averages. In the short term, I expect it to remain under pressure even as 240 remains a steady support level.
It will likely remain within a horizontal channel with 240.35 and 282.01 as the lower and upper borders respectively. Within the rage, Litecoin price may find resistance along the 25-day EMA at 260.61. On the flip side, a move below the channel’s lower border may have the altcoin hit 229.65 before bouncing back to the aforementioned rage.
