Litecoin price weekly analysis 14 June: We’re sliding down the slope and the bottom is some way off
Litecoin is falling, and it hasn't reached the bottom yet.
- Litecoin has followed the market and lost significant value over the last week.
- Sellers are dominating with no end in sight for the fall.
- Even a porn industry deal won't stop the people fall to around US$70 according to most experts and analysts.
In a market that seems to be in something approaching freefall, the most optimistic comment I can make about Litecoin is that it's not faring as badly as some of the other coins in the top ten by market capitalisation.
While LTC has shed about 21% of its value over the past seven days, Bitcoin Cash, Stellar, TRON and NEO have lost even more value. So those HODLing LTC will be feeling less bad than many other people.
Litecoin was trading at about US$122 a week ago, and has been sitting steady from most of the last two weeks – until this past weekend. Like many other coins, falls on Sunday and Monday mornings struck about 10% off the price, pulling it down to around US$106. The price held around that level until early Wednesday morning, when another two red candles were lit, pulling the price down to just under US$92. There's been a small rally today as the price has laboured back to US$96.
At the bottom of each dip, there was an increase in trading volumes as buyers looked to buy in where they thought the price was low enough or in order to cut their losses before there were any further falls. The 24-hour volumes are currently around the US$380 million mark after being as low as US$241 million during Sunday's price drop.
Trying to make sense of what we're seeing in the market is difficult. Every analyst can tell you what's happening and compare it against past trends. For example, Ethereum World News says there's a buying hurdle at US$113 based on the 100-hour simple moving average. They also say that the lows we're seeing, which are the lowest prices for LTC we've seen all year, aren't that bad when you look back further.
But if NewsBTC has it right, then US$70 is a short-term target for LTC.
It seems that not even the news that VRPorn.com will be accepting LTC payments was enough to push the price up.
It doesn't matter which analyst you look at and how you carve the data up. Sellers are dominating the LTC market and pushing prices south. For that to change, there will most likely need to be some unforeseen event. Or the market will reach a nadir that will being the buyers back and push the price up.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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