Litecoin price has remained under pressure and extreme fear continues to define price movements in the crypto market. The crypto fear & greed index is at an extreme fear level of 18. While this is an improvement from the prior session’s reading of 15, the situation has worsened from last week when the index was at a fear level of 28. The altcoin may remain on a downtrend in the short term.
LTC is trading lower on Friday’s session as the altcoin remains in the bear market. The bulls are striving to defend the support along 130 after the price dropped to a five-month low of 126.20 earlier in the day.
At the time of writing, Litecoin price was down by 4.33% at 129.84. Notably, it has been in the red for four out of five sessions in the current week. Since Monday, the crypto has dropped by close to 15%.
On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. Amid the ongoing risk aversion, I expect the bearish outlook to continue in the short term.
Failure to successfully defend the current support level of 130 may have Litecoin price dropped to around 125.00. Below that level, the bears will be eyeing the psychological zone of 120.
On the upside, the support-turn-resistance level of 141.38, which is along the 25-day EMA, will be one to look out for. Further rebound will give the bulls an opportunity to push the crypto to the crucial zone of 150.
This post was last modified on %s = human-readable time difference 08:39