Litecoin [LTC] sinks as bears take over crypto market: Technical Analysis
The first day of the week opened in dismal with the major altcoins sinking in red along with Litecoin that is on a downward trajectory. As the sellers dominate the market space, the eighth most valuable cryptocurrency in terms of its market cap has dipped to trade in red. It seems that the bears are about to cement its foot in the crypto market, dragging the coins to move with sluggish momentum. Previously, when the market condition was moderate and the altcoins attempted recovery, Litecoin [LTC] has jumped down nearly 22% in the last seven days and gained almost 27.5% in the past one month.
The digital asset is trading an inch above its key support level that is found at $30.94. The MACD, at the time of writing, shows that the cryptocurrency is trading in bearish territory while the 100 EMA line indicates that the coin is locked in downtrend. The hourly RSI indicator, at press time, stands at 43.7, which implies that LTC is encountering severe pressure from the sellers in the market. According to the Coinmarketcap data, the overall market cap of the crypto stands at $1.86 billion. Currently, the virtual asset has slipped nearly 5.90% against the U.S. dollar to be valued at $31.07.
The digital currency is lowered almost 4.15% against Bitcoin [BTC] with one LTC worth around 0.008656 BTC.
- Recently, in an interesting development, Litecoin [LTC] reached an important milestone. The altcoin announced that there are now 60 million LTC minted which constitutes 71.5 percent of the total LTC meant to exist. The Litecoin algorithm has set the limit of LTC to be produced at 84 Million which means that a total of 24 million is still left. There’s also an important aspect to this development as it marks the point at which there are only 3 million more Litecoin left before the halving process, which will see the Block reward fall from 25 LTC to 12.5 LTC. The next halving is expected to occur around the 8th of August this year.
- Trust Wallet recently announced that it has added support for Bitcoin (BTC) on Android and along with it also added Litecoin (LTC) and Bitcoin Cash (BCH) for all its users. After updating the app of Trust Wallet to its latest version, users can enable the new digital assets by clicking the plus sign in the upper right corner. Trust Wallet aims to make the system and support more user friendly. The Trust Wallet team also noted that the wallet is becoming simpler as compared to Ethereum and ERC20 Wallet.
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