Litecoin price has continued with the decline observed since the beginning of the week. The altcoin’s downtrend is a reflection of the broader crypto market. Cryptocurrencies have been plummeting as risk appetite among investors fades.
The crypto fear & greed index has shifted to the fear end of the spectrum after exuding greed since the beginning of October. It is now at a fear level of 34 compared to the extreme greed of 84 in the previous month.
Litecoin price prediction
LTC has been on a freefall since Monday; a trend that has continued in Friday’s session. Over a span of five sessions, the altcoin has plunged by 28.15%.
Litecoin price is now hovering around the psychological level of 200. At the time of writing, it was down by 1.50% at 201.17. On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages; signaling further losses in the ensuing sessions. At the same time, it is in the oversold territory with an RSI of 21.
At its current level, it is back to October’s range. As such, Litecoin price will likely remain within the horizontal channel of between 166.46 and 215.73. In the immediate term, the expected corrective rebound may be subjected to some resistance at the aforementioned channel’s upper border.
Past that point, the resistance level to watch will be along the 25-day EMA at 224.02. In the short term, the psychological level of 250 may remain evasive.
