Litecoin, the 12th largest cryptocurrency in terms of market capitalization, has been following the trend of other altcoins in the bearish market. In the past 24 hours, LTC has been trading at $158.77, a 5.4% decline in the past 24 hours. Besides, the coin has also been recording new lower highs in the past week.
Litecoin Price Analysis
Litecoin started its weekend at a level of $158. LTC buyers have tried to recover its prices, but they have failed to recover past two critical resistance levels.
The first resistance level that Litecoin needs to break is $165 before breaking past the $169 resistance. However, if this happens, LTC may move to an oversold level, and the prices may retreat to lower levels after a correction. For bulls to regain, LTC needs to rally past $188 and break the $190 levels. To do this, the token needs support from the broader cryptocurrency market.
If bulls are recorded and a selloff is not reported, LTC may move to $200. However, a retreat may push the coin below $150 and the next stop will be at $125. The level may create a new opportunity for investors who want to buy during the dip.
One of the exciting things that is happening with Litecoin is that it is being listed in one of the premier crypto auctions in the US. The US General Services Administration, an institution that sells surplus assets will be auctioning off BTC and LTC with a combined market capitalization of $377,000. 150.2 litecoins will be auctioned in the process the litecoins were seized from a taxpayer who did not pay his IRS taxes.
However, an uptrend of the price of Litecoin is highly unlikely and investors need to wait until a price dip is witnessed so they can buy during the dip in case the prices rise. However, the uptrend will need support from the broader crypto market. Currently, the crypto market is not doing great after BTC managed to drop below $40K.
Where to Buy LTC
To buy LTC, create an account on any of these exchanges:
Binance cryptocurrency exchange – They operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume Exchange Blockchain and crypto asset exchange
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