Despite the recent market fluctuations that sent the crypto market tumbling, virtual assets have had a smooth journey, with new records in 2021. Litecoin price surged by around 70% at the start of this year. However, with the current volatility in the cryptocurrency space, the asset has had wild movements, valuing $205.20 when writing this. Digital coins such as Bitcoins are struggling to achieve new highs after drastic declines in the past few days.
Over the past week, Litecoin declines by around 33%. Although still struggling to recover from the massive drops, LTC showed a positive trend when publishing this content.
LTC’s hourly chart indicates that Llitecoin’s price moved in a parallel channel. The channel helped the coin to maintain a support level at $196 and a $226 resistance. These ranges made the Litecoin market appear sideways.
The Litecoin Market
With the increased selling pressure, Litecoin’s value fell some days ago. However, today, the prices were consolidating as the volatility was leaving the crypto market. The Bollinger Bands compressed to indicate no wild price movements in the LTC market.
Although LTC indicates a positive move, the momentum is very low at the moment. Low volatility combined with lower momentum will push Litecoin’s consolidation phase more. Meanwhile, the 43 Relative Strength Index shows you that the LTC market has a fairly high selling pressure for now. Indicators try to maintain equilibrium.
When publishing this content, the Litecoin market is moving towards consolidation. Keep in mind that the coins have a resistance level of $226.75 and a support level of $196.55. As the momentum is dropping and volatility moving away from the crypto market, Litecoin might maintain its positive attitude. However, keep in mind that any sudden market shift can disrupt the whole trend.
For now, you have to accept that the market is unpredictable, a usual case in the cryptocurrency market. For that reason, you have to be vigilant and act with care whenever making any mover as far as your investments are concerned. Analysts expect the market will regain soon.
What are your thoughts about the crypto market for now? Feel free to comment your views below.
