Litecoin has been battered and bruised this week following a market-wide sell-off that has seen it fall to its lowest point since July.
At the time of writing it was trading at $132 with a market cap of $9.2 billion, making it the 25th largest cryptocurrency.
It is now 56.2% lower than on November 10 when it topped the $300 mark.
Historical levels of support remain at $118, $104 and $91, although it is expected to have a slight relief bounce back into the $152 region before heading lower.
LTCUSD chart by TradingView
The gruelling downtrend is now confirmed across all timeframes. A bullish reversal would only be triggered if it begins to trade and close daily candles above $183.
Litecoin isn’t the only asset to have struggled this week, Bitcoin finds itself beneath the $42,000 mark while Ethereum has fallen all the way down to $3,200.
As traders prepare themselves for a prolonged bear market, investors can expect price points as low as $50 over the coming 12 to 18 months.
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About Litecoin
Litecoin was released in October 2011 by Charlie Lee, a former Google employee. It is a fork of Bitcoin, with the main difference being a smaller block generation time. The protocol also increased the maximum number of coins and implemented a different script-based algorithm.
Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
More LTC news and information
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.
