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Litecoin Price Prediction: LTC/USD Drops Below $185 as the Market Bleeds

Litecoin Price Prediction – October 17

The Litecoin price may need to stay above the moving averages to prevent further downward movement.

LTC/USD Market

Key Levels:

Resistance levels: $210, $220, $230

Support levels: $170, $160, $150

Litecoin Price Prediction
LTCUSD – Daily Chart

LTC/USD falls from $188 to $183 as the downward trending line acts as market resistance. At the time of writing, the price is currently heading towards the 9-day moving average as the $180 support line needs to be defended by the bulls to prevent further downward movement. However, the technical indicator Relative Strength Index (14) is likely to drop below 55-level, hinting that even further price drop may come to play.

Litecoin Price Prediction: Litecoin (LTC) May Drop More

However, the longer that the Litecoin price fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling to a new trading low. A break below the $180 support level may provoke an even deeper decline towards the $170, $160, and $150 resistance levels.

Moreover, the daily chart highlights that LTC/USD at the $190 level, is a key technical region which bulls need to break and traders may need to see a sustainable move above this level to retest $192 level. The ultimate bulls’ goal is created towards the ascending channel at $210, $220, and $240 resistance levels.

When compares with Bitcoin, the Litecoin price is seen moving downward below the 9-day and 21-day moving averages. The Litecoin (LTC) on the market cap is yet to define its bullish movement because the market movement has remained clouded by more red candles than green for the past few days.

However, as the technical indicator Relative Strength Index (14) nosedives to the oversold region, a bearish continuation may roll the market back to the support of 2900 SAT with a possible break below the lower boundary of the channel and further declines could be at 2800 SAT and below, which may establish a new low for the market. Meanwhile, any bullish movement above the 9-day moving average may hit the resistance level of 3300 SAT and above.

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Investors using Ethereum as a safe haven against Bitcoin’s crash

Bitcoin was expected to finish this year at highs of around $100K. While it showed promise of achieving these highs last month after clinching a record high of $69K, the $100K prediction now seems less likely, with the primary cryptocurrency falling to $48K. However, the crash of Bitcoin could be good news for Ethereum supporters::Listen

Bitcoin was expected to finish this year at highs of around $100K. While it showed promise of achieving these highs last month after clinching a record high of $69K, the $100K prediction now seems less likely, with the primary cryptocurrency falling to $48K.

However, the crash of Bitcoin could be good news for Ethereum supporters because the largest altcoin is now gaining a new use case in hedging against Bitcoin’s wild price crash.

ETH/BTC trading pair hits 3-year high

Ether has fallen just like any other cryptocurrency in the market. The largest crash in recent weeks happened on December 4, and currently, the token is struggling to hold the $4000 levels.

However, the volatile price movement has not prevented Ether from reaching a three-year high compared to Bitcoin. The ETH/BTC trading pair has increased by around 11.50%, and it has reached 0.0835, which is the first time that this has happened since May 2018.

The rally of Ether against Bitcoin is different from its rally against the USD, where it has fallen by around 15%. The crash in the entire market has been attributed to a market-wide selloff, as Bitcoin dropped by around 21%.

Ethereum to hedge against Bitcoin’s crash

The losses made by Ethereum against Bitcoin have created a new narrative that the largest altcoin is being used as a hedge against Bitcoin’s wild crash. The ETH./BTC trading pair is sitting at a three-year high.

Analysts have stated that the events of the December 4 crash show that investors are using Ethereum as a haven against Bitcoin. Crypto Birb, a market analyst, tweeted that, “It seems that investors are taking ETH as a hedge here.”

The Chief Product Officer at Bitpanda, Lukas Enzersdorfer-Konrad, also supported the argument stating, “Ethereum is outperforming Bitcoin by a large margin this year… It increased its market dominance to 22%. The number of active addresses on the network continues to climb while the net issuance of ETH continues to fall, which might be the main reason for its rapid rise.”

Ethereum has been on a notable rise during the last quarter of 2021, not just because of the November bull market. After the London hard fork upgrade, the token has burned billions worth of Ether tokens, reducing supply and causing a strong price action.

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Litecoin Price Prediction: LTC/USD Drops Below $185 as the Market Bleeds

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