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LTC recovers from longest 8-day decline

Cryptopolitan


TL;DR Breakdown

  • Litecoin price peaked at $339 before crashing to $265, hence the bulls are currently eyeing the $339 price level.
  • Presently, Litecoin is hovering above psychological support at $300. 
  • Inability to contain the lower limits of the Ichimoku cloud might suppress litecoin’s price to the $210 support. 

Litecoin Price Prediction: General price overview for the past 5 days

(Source: Tradeview)

The 5-day chart peaked at $339 for Litecoin (LTC) on 16th May 2021, before experiencing a significant price decline to $265 yesterday and $263 today.  The altcoin still faces notable competition across the leading altcoin after being toppled from the top 10 cryptocurrencies by market capitalization. On 10th May, the coin surged on its way to retest 2017’s high of $420. Only to be stopped by the bears at $413. 

Since the beginning of 2021  and towards May 10, LTC had rallied by 240%; before undergoing the highest 8-day decline since March of last year.

The decline over the past few days represents a 24% decrease 

Technicals suggest the coin could have discovered a newfound haven at $300 and is establishing support around that price level to prepare it for a run to the 5-day high of $339.  

Litecoin Price movement in the past 24-hours

Litecoin price
(Source: Tradeview )

For a significant duration of the daily chart, Litecoin has been levitating slightly above the $300 psychological resistance.  The chart also indicates a 9.6% gain from the daily low of $279 to the 1-hour high of $307.  This is the highest percentage gain occurring within one day.  

The past few days Litecoin has been able to set camp around the confluence of the Ichimoku cloud and the 50-day simple moving average.  Bears might take control in the short term and inject some selling pressure but technicals are optimistic that clouds will contain the bears. 

Litecoin’s price decline from $413 to $263 represents oversold conditions at 24%. The bulls are therefore optimistic to cross-resistance around $315 and retest price levels above 2017’S $420 high. Such a price change is going to earn 58% interest for traders and usher in a successful all-time high before the end of May. 

Litecoin traders have been able to accumulate a daily trading volume of $7.329 billion. A figure that represents approximately 3.21% of the entire volume across all digital currencies. 

Litecoin 4-hour chart

Litecoin price
(Source: Tradeview )

At the time of writing, Litecoin (LTC) began the 4-hour chart at $304 and is now hovering around $306 after attempting to build an ascending trendline on the 4-hour chart at $310.  For the near term, this price level could hold with the bulls inability to pull the price towards the $315 resistance. A breakout above this resistance could be the god-sent strength to support a massive ascending channel to $339. 

Conclusion

Litecoin bears are incessantly trying to suppress the coin’s price to $214. This decline is going to result in losses above 20% for LTC traders.  For the time being, the bulls should remain intact and avoid letting go of the lower limits of the cloud, which is currently around $251. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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