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- 1 Litecoin price is currently trading at $89.39 while witnessing a loss of 4.05% during the intraday session.
- 2 LTC price has negatively crossed 20, 50, and 100-day EMAs but still trades above 200-day EMA.
- 3 The year-to-date return of Litecoin is 27.49% while one weekly return is -3.74%.
After the downfall of LTC price at the start of June 2023, it formed support at the $73 level and regained bullish momentum. The price rallied and formed a high of $115. The move caused a rise of roughly 57.68% in the price.
The cryptocurrency price faced strong rejection from the $115 level and started to decline. Bearish momentum pushed the price below $100 and it formed support at $94.50. The price regained bullish momentum to retest the $115 high but there was a strong presence of bears over the $100 level.
The price has entered into a downtrend, forming lower lows. Recently, the price broke the support level of $94.50 and has retested it. Currently, the price is headed toward the major support of $83. The previous candle closed bullish and the current candle has broken the low of the previous candle providing slight confirmation regarding the bearish move.
On the other hand, if the price can form support near $90, it might rise and attempt to break the support-turned-resistance level of $94.50.
Halving Event of Litecoin
The halving event of Litecoin is scheduled for August 2, 2023, which will half the block rewards. Currently, the block rewards are at 12.5 LTC and after the halving event, it will come down to 6.25 LTC. The addresses have reached 8,722,338, with 213469 active addresses in the last 24 hours.
The market capitalization of Litecoin has decreased by 3.29% to $6,551,902,070. The 24-hour trading volume is up by 30.38%. On July 15, 2023, Litecoin reached a historic milestone, with processing over 170 Million transactions since its inception.
Will LTC Price Fall to the $83 Level?
The cryptocurrency price has negatively crossed 20, 50, and 100-day EMAs indicating bearish momentum in the price. The current candle is facing rejection from the 200-day EMA. Chaikin money flow score is -0.05 suggesting that there is a slight weakness in the market.
The relative strength index has crossed below the 50 mark and currently trades at 42.95 indicating rising bearish momentum in the market. The Bollinger bands have contracted suggesting a low volatility in the market.
The price has reached the lower band of Bollinger and has not shown any signs of a short-term pullback. The long/short ratio is 0.88 with 46.34% longs and 53.66% shorts suggesting an increased involvement of bears in the market.
Conclusion
The market structure and price action of Litecoin has turned bearish after it faced rejection from the $115 level. Technical parameters indicate that the price possesses bearish momentum. The current downfall might be due to a halving event which is scheduled on August 2, 2023.
Technical Levels
- Major support levels: $83 and $73
- Major resistance levels: $102 and $115
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
