The cryptocurrency market has continued its trend this week, with Bitcoin rallying while most of the altcoins are underperforming
The cryptocurrency market has been experiencing a mixed performance since the start of the week. Bitcoin has been performing excellently and has recently broken past the $57,000 resistance level, thus paving the way for it to rally higher and target the $60,000 level.
However, the majority of the leading altcoins are currently trading in the red zone despite Bitcoin’s excellent run. Ether, Cardano, Binance Coin, XRP, Solana, Polkadot and others are all recording losses at the moment.
Litecoin is not left out as Bitcoin’s sister coin is down by more than 3% over the past 24 hours. It could record further losses if the current market conditions don’t improve over the coming hours and days.
Litecoin price outlook
Litecoin lost its place as one of the top ten cryptocurrencies by market cap earlier this year. It is now ranked 16th in terms of market cap. The LTC/USD 4-hour chart is starting to turn bearish following a period of losses for the cryptocurrency.
Litecoin’s MACD line is heading into bearish territory after the losses incurred over the past few hours. Its RSI of 43 shows that Litecoin is currently becoming oversold as the selling pressure in the market continues to increase.
LTC/USD 4-hour chart. Source: TradingView
If the current market conditions persist, LTC could test the first major support level at $169 over the next few hours. An extended sell-off period from the broader market could see LTC head towards the second major support level at $165. Unless the bearish sentiment goes on longer, Litecoin should steer clear of the sub-$160 level.
On the other hand, if the altcoins resume their rally, Litecoin could make a move for the first resistance point at $177. Further support from the broader cryptocurrency market could see Litecoin test the second major resistance level at $186 over the next few hours.
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Author: Hassan Maishera