For the past week, the Litecoin price has been hovering below the key resistance level at $190. The coin has a total market capitalization of $11.5 billion. LTC ranks as the world’s 15th largest cryptocurrency, after Bitcoin Cash.
According to Coinmarketcap, Litecoin’s total volume traded in the last 24 hours has fallen 14.30% to $2.16 billion. This indicates that most large holders of the coin are exiting their trades. The coin has slipped almost 60% from its highest level this year.
The crypto market was in the red earlier on Monday as Bitcoin, the crypto leader, led the losses. The Bitcoin price has been hovering below the critical $50,000 level for the past week. Bitcoin’s short-lived rally seemed to dampen the overall crypto performance.
Bitcoin and Litecoin have a close correlation of almost 1. The coins work almost the same, hence many investors tend to use LTC as a proxy for Bitcoin. According to Litecoin’s creator, Charlie Lee, Litecoin was created to be a better version of Bitcoin. Therefore, the decline in Bitcoin’s rally has been heavily weighing on the Litecoin price.
The global crypto market cap has declined by 1.20% to $2.07 trillion in the last 24 hours. Among the best performing digital currencies include Tezos, Solana, and Revain. Investors remain uncertain about LTC’s next move.
The four-hour chart shows that the LTC price is trading at $173.20. Lately, the price has been under intense pressure, pushing it lower. It hit an intraday high at $175.24 before pulling back. It has formed a double top pattern at $190, which is a bearish indicator.
The coin is trading slightly below the 25 and 50-day exponential moving averages. it also trading below the 50-day moving average. LTC has proved further weakness as it has been trading below the ascending trendline.
Therefore, despite the overall bullish outlook for LTC, the coin is likely to decline substantially. The bears will be targeting the next support at the pattern’s neckline at $162. However, a move above the key resistance at $190 will invalidate this view.