- LTC/USD plunged to 106 amid strength in the greenback
- Boosted COVID-19 cases triggered doubts over the global recovery, making the safe-haven dollar stronger.
- Today’s idea is to place a sell limit at 106.60 to target 99.95.
The LTC/USD crypto pair extended its previous downward rally and dropped further around below the $106.00 level. It was the most significant one-day percentage decline since June 21. Litecoin’s price forecast remains bearish, as the LTC has violated the downward channel.
Litecoin is currently trading at $105.941 and fell by 10.47% on the day. The recent sharp declines pushed Litecoin’s market cap down to $7.127B, or 0.60% of the total cryptocurrency market cap. At its peak, the LTC market cap was $25.609B. It had traded in a range between $105.941 to $115.025 in the previous 24-hours.
Litecoin has seen a decline in value, as it dropped 20.25% over the past seven days. The volume of Litecoin traded in the twenty-four hours to time of writing was $1.344B or 2.21% of the total volume of all cryptocurrencies. It has traded in a range of $105.9411 to $133.0781 in the past seven days.
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Litecoin (LTC/USD) Plunged to 106 Amid Strength in Greenback
The broad-based U.S. dollar strong performance leaves bearish pressure on the LTC/USD coin pair. The broad-based U.S. dollar extended its early-day upward rally and remained well in demand near its highest levels in months.
The increasing coronavirus cases triggered doubts over the global recovery. Thus, investors started shifting their investments into the greenback. Therefore, the U.S. dollar strength was seen as one of the key factors that kept the LTC/USD coin under pressure.
Litecoin Price Forecast – Technical Outlook: LTC/USD aims for $100
Litecoin price forecast is bearish as it has violated the descending channel. On the 4-hour chart, LTC/USD is heading lower towards the next support level of $105.10. The Doji candle at $106 is demonstrating odds of a bullish correction in Litecoin. Thus, the investor’s focus will remain on 107.70 resistance.
Speaking about the Stochastic RSI, it’s holding at 3.46 in the oversold zone. It demonstrates that the chances of a selling trend remain strong. But, the bears may trigger profit-taking ere entering more selling trades.
The breakout of a 105.10 support on the lower side signals selling bias in the LTC/USD pair. Therefore, the traders will be keeping their eyes on the 99.93 support level for the next target.
The LTC/USD price forecast remains bearish today. Therefore, the forex trading participants may look for placing a sell limit at 106.60 to target 99.95. All the best.
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