In early Sunday buying and selling, Litecoin is as soon as once more testing the important assist of the 50-day transferring common because the broader Crypto market woes persist.
On the time of writing, Litecoin is buying and selling at $228.0, having been as low a 223.26 earlier within the session. Like a lot of the crypto universe, the coin had loved a stellar begin to 2021, rallying as a lot as 167% to the 2021 excessive of $335.36 earlier within the month. Once more like a lot of its friends, Litecoin has since discovered itself struggling below the load of liquidation as sentiment within the broader market sours.
As is usually the case, altcoins are likely to outperform Bitcoin on the way in which up and the other may be stated on the way in which down. Litecoin has stayed true to this maxim, shedding over $128 (38%) in worth from its highs to Thursday’s low print of $207.
While the latest plunge could also be seen as excessive, bulls might argue that volatility is the value you pay for efficiency. Litecoin isn’t any stranger to this, having seen sell-offs of an analogous magnitude twice in 2021.
In what can solely be described as a massacre, January noticed Litecoin crater -39% from $170.78 to $112.75 within the house of 24 hours. The market went on to make new highs for the yr inside a month.
In February we witnessed an analogous -38% correction (performed out over the course of per week). Once more, costs ultimately recovered, surpassing the earlier excessive by mid-April.
Given the market’s observe report, we marvel if an analogous restoration may play out this time round?
Litecoin worth outlook
Because the Every day chart reveals, the important thing to answering the above query may very well be the Shifting averages. Over the course of this newest bull run, each the 50 and 100 day MA’s have proved main areas of assist.
Presently, the value sits marginally above the 50-day MA at $221 and the 100-day at $195.45. Bulls might look so as to add speculative longs across the present worth ranges. Nevertheless, the Bullish thesis is negated on an in depth beneath the 100-day MA.
Don’t miss a beat! Comply with us onand
Litecoin Every day Chart
Comply with Elliott on Twitter