Litecoin has been underperforming over the final seven days and could report additional losses earlier than the finish of the week.
LTC, the native coin of the Litecoin blockchain, has been underperforming over the previous couple of days. The coin is down by greater than 5% in the final seven days and has misplaced greater than 2% of its worth over the previous 24 hours.
However, with LTC underperforming at the second, what’s the outlook after this newest dip?
What drove the Litecoin price to dip towards $50?
LTC is buying and selling at round $51 per coin at press time. The cryptocurrency could report additional losses and lose its assist above the $50 psychological degree over the subsequent few hours.
Litecoin’s poor efficiency comes as the Litecoin Foundation introduced on Tuesday, October eleventh, that its MWEB function will quickly come to cell phones.
#MWEB is coming..https://t.co/KrOBLnfkbd
— Litecoin (@litecoin) October 11, 2022
MWEB is a privacy-preserving enchancment on the Litecoin community. Essentially, MWEB makes Litecoin a sounder approach to transact with as it doesn’t enable the individual you’re paying (or, the individual you’re receiving cash from) to see how a lot cash you maintain in your handle.
Since the launch of MWEB earlier this yr, the function has solely been obtainable for customers which have Litecoin Core downloaded on their pc. However, in keeping with David Burkett (MWEB Lead Developer), light-client adoption could also be simply round the nook.
What’s the outlook for the Litecoin price?
Litecoin has been underperforming regardless of the information that MWEB could quickly be obtainable for cellular customers. The poor efficiency coincides with that of the broader cryptocurrency market.
The broader cryptocurrency market has misplaced practically 2% of its worth in the final 24 hours, and the whole crypto market cap could drop beneath $900 billion if the momentum is maintained.
Litecoin could drop beneath $50 quickly as the broader cryptocurrency market continues to underperform.
However, this newest cryptocurrency information could push LTC’s price larger in the close to time period when the function is launched for cellular customers. The present announcement just isn’t sufficient to push Litecoin’s price larger in the close to time period.
Litecoin technical evaluation
The LTC/USD 4-hour chart is at present bearish, as Litecoin has been underperforming over the final 24 hours.
LTC/USD Chart By TradingView
The MACD line is beneath the impartial zone and continues to drop lower, indicating bearish momentum for Litecoin.
The 14-day relative power index of 37 reveals that Litecoin could enter the oversold area quickly if the bears proceed to regulate the market.
Litecoin could drop beneath $47 assist degree over the subsequent few hours or days if the present momentum is maintained. However, the bulls ought to defend LTC round the $43 assist degree in the quick time period.
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