Litecoin has undergone a sharp decline this month, dropping from the opening price of$ to the current price of $62, a 35 per cent decline. The cryptocurrency also had a 17 per cent price loss in yesterday’s trading session. Today, the bearish move looks poised to continue after Litecoin dropped by more than 18 per cent in the early hours of the trading session. However, the prices have since retraced back, bringing today’s price loss to slightly above seven per cent.
The current drop comes amidst a cryptocurrency crush that has continually lost in the market for the past few weeks. In the last 24 hours, the global cryptocurrency market capitalization has dropped by 13 per cent. This brings its total market capitalization to $1.19 trillion.
Litecoin Price Prediction
On May 6th, Litecoin price pierced through the $95 long-term support level, which had not been broken since December 2020. before going below the $95 support level, many experts had already started to speculate that if the price level was breached, then a likely price level of below $65 was possible.
Fast forward to today, and the prices have continued falling aggressively, losing 35 per cent in the month of May alone. Today, Litecoin is trading at the $59 price level. Today’s seven per cent Litecoin price decline is also looking poised to close even lower. This is after the markets dropped by more than 18 per cent in the early hours of the trading session.
Having breached the $60 price level in today’s trading session, the next long-term support level is at the $40 price level. Therefore, there is a very high likelihood that the prices will continue dropping in the next few trading sessions. As a result, prices will also likely hit the $40 price level. This price level is the last line of defence for the cryptocurrency before the prices capitulate.
However, if the prices reverse to trade at $66, which is today’s price open, then my trade analysis will be invalidated. It will also mean a likely trend reversal and a sign of Litecoin recovery.