2021-06-09 08:00:00

Litecoin Token Recovering After Yeaterdays Doji Candle

Source: tradingview

 

The Litecoin price is taking another hit, as LTC/USD drops below $175.00 to a new weekly low. It’s now down over 60% from its all-time high near the $410.00 mark back in 2021, and it doesn’t seem like there will be a recovery any time soon. The cryptocurrency has been trading sideways for some time now, with no signs of life on the upside or downside just yet. With Bitcoin going through an extended bear market that shows little sign of relenting anytime soon either, this may spell bad news for altcoins in general – especially those which are heavily reliant on BTC to maintain their value such as Litecoin.”

There has been no significant change in the Litecoin price over the past 24 hours, with LTC trading flat at around $159 per token and intraday highs of $163 seen today. It is still unclear whether this could be a temporary blip or if litcoin will continue to head towards its previous low – set back in November 2018.”

volume has been dwindling over the past few days, which is a sign that traders are waiting for an opportunity before betting on LTC. The Litecoin market cap has dropped to $10,823,547,075 as of today. This figure was well above $18,000,000,000 back in last month of 2021 and it will be interesting to see if this trend continues or whether we may start seeing some higher levels soon. It’s not clear what our long-term outlook for Litecoin should look like at this point.

Litecoin token RSI Projection

Litecoin RSI is heading towards the oversold zone-Is that really all we can expect for this once-promising cryptocurrency? The answer may be no but nothing about this situation looks particularly good or sustainable right now either. Litecoin will need to see some dramatic improvements in order to maintain any type of relevance moving forward which doesn’t seem likely given. LTC Token is trading close to $150 and it’s not clear what our long-term outlook for LiteCoin should look like at this point.

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