The entire crypto market was smeared in red. Yet the assets managed to stay afloat without witnessing any major loss. Litecoin [LTC], however, had all the bears in its market. Consequently, the asset noted a significant plummet. Despite this, Litecoin was hoping to make a comeback as the bulls were slowly making an entry into its market.
Market Overview
The overall market sentiment was bullish as most of the assets were losing out on gains amassed throughout the week. Bitcoin [BTC] noted a major fall all the way from a high of $68K to a low of $63K. The Ethereum [ETH] market was reeking of stagnancy. $5K appears to be a dream for the altcoin.
The altcoins were witnessing dainty reductions, while Avalanche [AVAX] was amassing profits. Shiba Inu [SHIB] and Litecoin [LTC] were the only assets that recorded unusual losses.
Litecoin [LTC], during the time of writing, was trading for $248 with a price drop of over 8% in the last 24-hours. Despite surging by over 26% throughout the past week, LTC decided to dip.
Additionally, the market cap of LTC was noted to be at $17.1 billion. Even though LTC was one of the first cryptocurrencies to enter the market, it seemed to have been overshadowed by new coins. Hence, Litecoin dropped to the 14th rank, during press time.
Litecoin [LTC] one-hour price chart on Binance
The one-hour price chart of LTC noted that the coin wouldn’t be suffering for long. The Parabolic SAR indicator had already initiated a trend reversal by laying out dotted lines below the candlesticks. The Awesome Oscillator indicator finally rolled out green closing bars after a series of red ones. With all these signs implying an extremely bullish notion, Litecoin could be in for an uptrend.
The Relative Strength Index [RSI] indicator revealed that LTC was being increasingly sold.