Physical version of Litecoin, new virtual money. Conceptual image for worldwide cryptocurrency and digital payment system called the first decentralized digital currency.
The past few days have seen Litecoin prices continue to trade in a sideways market. In today’s trading session, Litecoin looks poised to extend a bearish trend that started yesterday. The crypto has lost a percentage point in today’s trading session and 1.6 per cent in the past 24 hours.
The Litecoin bearish move comes in the week, seeing increased activity from whales trading the cryptocurrency. In a recent analysis, data showed that Litecoin transactions worth more than $100,000 had surged to levels not seen in months. However, the analysis also mentioned that the data did not show changes for transactions worth more than a million. Instead, the research showed that these types of transactions had remained relatively low.
Litecoin also recently announced through their Twitter handle that Hello Pal $HLLPF was opening a new data centre in Australia. The data centre will contain 100 Bitmain Antmiber L7 Mining rigs capable of housing up to 20,000 rigs. The statement also showed that, although the data centre will be powerful, it will consume less power.
Looking at the daily chart below, we can see Litecoin prices trading in a sideways market for the past few days. However, today’s trading session is showing a continuation of a bearish trend that started yesterday. The chart also shows the RSI and Williams Alligator indicators showing a possible bearish lean.
Therefore, I expect Litecoin prices to continue with yesterday’s current bearish trend. This will be a resumption of the long-term bearish trend that started when prices hit the upper trend line of the descending channel. There is a high likelihood of the bearish trend continuing until Litecoin trades below $100.
The Cryptocurrency has not traded below the psychological level for over a month. However, the current push to the downside may be the last straw that will see it trade below the price in April. It is also likely that, in the coming weeks, the prices will retest the $85.23 long-term support level.
This post was last modified on %s = human-readable time difference 10:15