Litecoin’s death cross [LTC] could trigger a 22% drop – Crypto Economy

Litecoin [LTC] broke a multi-year low as the overall crypto market continued to decline. It kept dropping in the cryptocurrency rankings, but will 2022 bring a much-needed revival?

It was not just the worst day for Bitcoin traders, who suffered after the turmoil in traditional markets spread to cryptocurrencies triggering millions of liquidations. Alt currencies, such as Litecoin, also saw their prices plummet from already depressed levels. The long sale is now shaking the confidence of Litecoin loyalists as it fell to levels last seen in August 2021.

Litecoin has been in the midst of a huge downtrend. In just two months, it has lost more than 50% of its value. The latest market-wide sale dragged crypto even further. While Litecoin isn’t the only asset that appears to be struggling, the death cross, however, can prove significantly damaging. At the time of this writing, the silver cryptocurrency was trading at $ 128 after a fresh weekly drop of more than 15%.

Litecoin’s downtrend

Litecoin’s daily chart showed the 50 high school [rosa] suffering a cross between death and high school 200 [amarillo] January 7. the 100 high school [azul], on the other hand, he kept hovering over everything. Strong downward pressure has slowed any signs of recovery. The volume is moderate, but it has failed to support the price action of the coin. The point markers of the Parabolic SAR resisted the bullish attempts, while the Klinger oscillator [KO] became bearish.

litecoin price

The diverging bollinger bands [BB] showed a slight pick-up in volatility that may turn negative pressure around. The red closing bars of the Awesome Oscillator [AO] indicated weak but bearish momentum in the market, while the Relative Strength Index [RSI] It hit oversold territory.

A bounce from this level would ensure a recovery with the help of moderate volume and increased volatility. However, a detrimental turn of events could drag the cryptocurrency into a decrease of about 22% near the immediate support level of $ 107.

Novogratz on Litecoin

2021 can be marked as a year in which some altcoins Lesser known tokens managed to significantly outperform several major tokens, including the market leader Bitcoin. But nevertheless, altcoins, including Litecoin, fell in the cryptocurrency rankings and have failed to make a comeback. Following lackluster price action, Galaxy Digital billionaire founder Mike Novogratz had this to say about Litecoin

“It’s weird to me that Litecoin appears on anyone’s list, you know… it’s not something that people are engaged in, it’s not a technology.”

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Litecoin’s death cross [LTC] could trigger a 22% drop – Crypto Economy

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