Litecoin Price: What is the Outlook After the Recent Drop?

adminDecember 4, 2023

Litecoin has underperformed over the past seven days and could post further losses before the end of the week.

LTC is a native coin. Litecoin Blockchain has been underperforming over the past few days. The coin has fallen more than 5% in the last seven days and has lost more than 2% of its value in the last 24 hours.

But with LTC currently underperforming, what is its outlook after this decline?

Why did Litecoin price fall to $50?

LTC is trading at around $51 per coin at press time. The cryptocurrency may record further losses in the coming hours and lose support above the psychological level of $50.

Litecoin’s poor performance comes as the Litecoin Foundation announced on Tuesday, October 11 that the MWEB feature will soon be coming to mobile phones.

#MWEB Coming..https://t.co/KrOBLnfkbd
— Litecoin (@litecoin) October 11, 2022

MWEB is a privacy improvement to the Litecoin network. Basically, MWEB makes Litecoin a more sound way to trade because it ensures that the person you are paying (or the person you are receiving money from) cannot see how much money you have in your address.

Since MWEB launched earlier this year, this feature has only been available to users who have downloaded Litecoin Core on their computers. However, according to David Burkett (MWEB lead developer), light client adoption may be just around the corner.

What is the Litecoin price outlook?

Despite news that MWEB may soon be available for mobile users, Litecoin has underperformed. The poor performance is consistent with the performance of the broader cryptocurrency market.

The broader cryptocurrency market has lost nearly 2% of its value in the past 24 hours, and if momentum holds, the overall cryptocurrency market cap could fall below $900 billion.

If the broader cryptocurrency market continues to underperform, Litecoin could soon fall below $50.

But this latest cryptocurrency news As features for mobile users roll out, LTC may become more expensive in the short term. The current announcement is not enough to push the price of Litecoin higher in the short term.

Litecoin technical analysis

The 4-hours chart of LTC/USD is currently bearish. This is because Litecoin has underperformed over the last 24 hours.

TradingView LTC/USD Chart

The MACD line is below the neutral zone and continues to decline, indicating bearish momentum for Litecoin.

The 14-day relative strength index of 37 shows that Litecoin could soon enter oversold territory if bears continue to dominate the market.

If the current momentum holds, Litecoin could fall below the $47 support level in the coming hours or days. However, bulls should defend LTC around the $43 support level in the near term.

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