Litecoin

Why is Litecoin’s price down today?


Litecoin’s price is down today, mirroring downside moves elsewhere in the crypto market.On July 5, the Litecoin (LTC) price dropped over 3% to $100.50. On the same day, the crypto market’s overall capitalization fell 2%, suggesting traders have started securing profits at the local tops of multiple cryptocurrencies.LTC/USD daily price chart versus crypto market capitalization. Source: TradingViewLitecoin’s RSI turns “overbought”Litecoin rallied by more than 65% to reach a year-to-date high of $116 on July 2. The gains appeared primarily due to euphoria around its halving in August and its listing on EDX Markets, a newly launched exchange backed by Wall Street giants like Citadel Securities, Fidelity Investments and Charles Schwab.Since then, however, the LTC price has corrected by nearly 14%, including the 3% drop on July 5. One reason is its overbought relative strength index (RSI) on the daily chart, which typically prompts the price to drop or consolidate sideways. LTC/USD daily price chart. Source: TradingViewFed minutes pressure riskier assets lowerIn addition to crypto, Litecoin’s losses on July 5 mirrored similar downside moves in traditional markets. It happened as traders awaited minutes from the Federal Reserve’s June policy meeting to understand its position on interest rates. The minutes will be released on July 5 at 6:00 pm UTC.The market believes Fed officials have discussed raising the benchmark rate two more times in 2023 despite not raising it in the last meeting. Higher interest rates have proven to be bearish for cryptocurrencies like Litecoin.Markets are hopeful that today’s release of the Fed minutes can provide clarity on a Federal Reserve that refrained from raising interest rates at the last meeting but intends to raise them two more times. @steveliesman joins with more: pic.twitter.com/hDfRgKTRcK— Squawk Box (@SquawkCNBC) July 5, 2023

Litecoin price 2023 outlookLitecoin now holds above $100, a level that has turned from resistance to support. As shown in the weekly chart below, this level has also served as the upper trendline of LTC’s prevailing ascending triangle pattern.LTC/USD weekly price chart. Source: TradingViewAs a result of its close above the descending triangle’s upper trendline, LTC has entered a technical breakout stage. As a rule, a descending triangle reversal breakout can see the price go as high as the pattern’s maximum height.Related: Here’s what happened in crypto todayThus, Litecoin’s descending triangle reversal breakout target comes to be around $240 in 2023, up 140% from current price levels.On the other hand, Litecoin’s price will drop if its ascending channel pattern plays out instead in the bearish scenario. This will involve the LTC price testing the lower trendline at around $85 in the third quarter, down about 15% from current price levels.LTC/USD weekly price chart. Source: TradingViewMoreover, a breakdown of the bear flag can have the LTC price see even lower levels. In this case, LTC/USD risks dropping toward $40 in 2023, down 60% from current price levels, as shown below. LTC/USD weekly price chart. Source: TradingViewThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

bitcoin
Bitcoin (BTC) $ 65,108.44
ethereum
Ethereum (ETH) $ 3,494.28
tether
Tether (USDT) $ 0.999113
bnb
BNB (BNB) $ 595.40
solana
Solana (SOL) $ 142.08
staked-ether
Lido Staked Ether (STETH) $ 3,499.68
usd-coin
USDC (USDC) $ 0.999170
xrp
XRP (XRP) $ 0.501495
dogecoin
Dogecoin (DOGE) $ 0.132153
the-open-network
Toncoin (TON) $ 7.79
cardano
Cardano (ADA) $ 0.400377
shiba-inu
Shiba Inu (SHIB) $ 0.000020
avalanche-2
Avalanche (AVAX) $ 28.24
tron
TRON (TRX) $ 0.116682
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,111.45
polkadot
Polkadot (DOT) $ 6.15
chainlink
Chainlink (LINK) $ 14.19
uniswap
Uniswap (UNI) $ 10.94
bitcoin-cash
Bitcoin Cash (BCH) $ 412.83
litecoin
Litecoin (LTC) $ 76.88
near
NEAR Protocol (NEAR) $ 5.25
matic-network
Polygon (MATIC) $ 0.592457
wrapped-eeth
Wrapped eETH (WEETH) $ 3,636.93
leo-token
LEO Token (LEO) $ 5.72
dai
Dai (DAI) $ 0.999167
pepe
Pepe (PEPE) $ 0.000011
internet-computer
Internet Computer (ICP) $ 8.74
kaspa
Kaspa (KAS) $ 0.150965
ethereum-classic
Ethereum Classic (ETC) $ 24.10
ethena-usde
Ethena USDe (USDE) $ 0.999258
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,492.47
aptos
Aptos (APT) $ 7.45
fetch-ai
Fetch.ai (FET) $ 1.28
monero
Monero (XMR) $ 172.90
render-token
Render (RNDR) $ 7.61
hedera-hashgraph
Hedera (HBAR) $ 0.081001
filecoin
Filecoin (FIL) $ 5.03
stellar
Stellar (XLM) $ 0.096887
mantle
Mantle (MNT) $ 0.847153
cosmos
Cosmos Hub (ATOM) $ 6.97
okb
OKB (OKB) $ 45.01
blockstack
Stacks (STX) $ 1.78
crypto-com-chain
Cronos (CRO) $ 0.095096
arbitrum
Arbitrum (ARB) $ 0.867457
first-digital-usd
First Digital USD (FDUSD) $ 0.992524
immutable-x
Immutable (IMX) $ 1.55
dogwifcoin
dogwifhat (WIF) $ 2.33
maker
Maker (MKR) $ 2,327.31
sui
Sui (SUI) $ 0.894224
injective-protocol
Injective (INJ) $ 22.26