The Litecoin price has struggled to gain in the market for the past few days. In the last five days, Litecoin has reduced by over 10 per cent. Even after showing signs that the prices may likely recover in yesterday’s trading session, those gains are likely to be wiped today.
In the last 24 hours, Litecoin has reduced by 1.53 per cent. The current drop in price can be partly attributed to more people moving away from Litecoin and possibly trading other alternatives. This is made clear by the loss of over 30 per cent of trading volume in the last 24 hours. Fortunately, even with such a loss in the trading volume, users of the crypto still traded over $600 million. Furthermore, Litecoin is still ranked in the top 30 largest cryptos by market value, occupying position 22. Therefore, even with the current streak of trading day loss, it is likely to recover and start a new bullish trend.
Litecoin Price Prediction
Litecoin prices have traded within a descending channel since the year began. Today, the cryptocurrency is trading at $112. This is after a fall of more than 1.5 per cent in today’s trading session. In the last few days, the cryptocurrency has also been on a downward move, seeing it lose 12 per cent of its value.
Looking at the daily chart below, we can see that Litecoin prices are coming from the upper trendline of the descending channel. We can also see that today’s prices are likely to wipe yesterday’s gain. The chart also shows the current bearish trend has a lot of volatility, based on the Williams Alligator lines. The Alligator indicator also shows the current trend to be bearish.
Therefore, my Litecoin price prediction expects the cryptocurrency to continue with the downward trend. It is also likely that the prices will touch the lower trendline of the descending channel. I also expect the prices to trade below the $100 psychological level in the coming days. This is based on the recent price action that shows momentum when the Litecoin prices are going down.