The Litecoin price was in the red earlier on Friday, breaking a two-day winning streak. The coin has been under intense pressure since the start of September. Litecoin has been among the worst-performing cryptocurrencies alongside Ethereum, Uniswap, Bitcoin Cash, Chainlink, and many more.
The LTC price has declined more than 35% since the start of September. It has declined nearly 20% in the last seven days and almost 8% in the last 24 hours. Its total market capitalization has declined more than 7% in the last 24 hours to $9.8 billion. Litecoin is the 17th most valued digital asset in the world. It ranks slightly below Algorand and slightly above Bitcoin Cash.
Litecoin is famous for its lightning-fast transactions times. Its network can process 56 transactions per second, compared to Bitcoin’s seven transactions per second. Over the past few years, the platform has experienced fast-growing adoption. Currently, more than 3,000 businesses and stores accept Litecoin as an exchange.
While there is no immediate catalyst to Litecoin’s decline, Bitcoin’s failure to jump past the critical level of $45,000 has played a major role in the LTC price action. The crypto market leader has been under extreme pressure for the past two weeks, hence dampening the overall crypto market sentiment.
On the daily chart, it is clear that the Litecoin price has been on a strong bear run for the past two weeks. At the time of writing, it was trading 10.25% lower at $147.1.
It is moving below the 50-day and 200-day moving averages, which is usually a bearish indicator. Its Relative Strength Index (RSI) has continued inching lower. With an RSI of 37, the price is closer to the oversold region, thus reinforcing its bearish outlook.
In the near term, I expect the LTC price to extend its bearish view as the key support at $104 becomes the logical target for the bears. However, a move past the resistance at $170 will invalidate this view.