Litecoin has been underperforming over the past seven days and will document additional losses earlier than the tip of the week.
LTC, the native coin of the Litecoin blockchain, has been underperforming over the previous couple of days. The coin is down by greater than 5% within the final seven days and has misplaced greater than 2% of its worth over the previous 24 hours.
Nonetheless, with LTC underperforming for the time being, what’s the outlook after this newest dip?
What drove the Litecoin worth to dip towards $50?
LTC is buying and selling at round $51 per coin at press time. The cryptocurrency may document additional losses and lose its help above the $50 psychological degree over the subsequent few hours.
Litecoin’s poor efficiency comes because the Litecoin Basis introduced on Tuesday, October eleventh, that its MWEB characteristic will quickly come to cellphones.
#MWEB is coming..https://t.co/KrOBLnfkbd
— Litecoin (@litecoin) October 11, 2022
MWEB is a privacy-preserving enchancment on the Litecoin community. Basically, MWEB makes Litecoin a sounder approach to transact with because it doesn’t enable the individual you’re paying (or, the individual you’re receiving cash from) to see how a lot cash you maintain in your deal with.
Because the launch of MWEB earlier this yr, the characteristic has solely been out there for customers which have Litecoin Core downloaded on their laptop. Nonetheless, in keeping with David Burkett (MWEB Lead Developer), light-client adoption could also be simply across the nook.
What’s the outlook for the Litecoin worth?
Litecoin has been underperforming regardless of the information that MWEB may quickly be out there for cellular customers. The poor efficiency coincides with that of the broader cryptocurrency market.
The broader cryptocurrency market has misplaced practically 2% of its worth within the final 24 hours, and the overall crypto market cap may drop under $900 billion if the momentum is maintained.
Litecoin may drop under $50 quickly because the broader cryptocurrency market continues to underperform.
Nonetheless, this newest cryptocurrency news may push LTC’s worth larger within the close to time period when the characteristic is launched for cellular customers. The present announcement is just not sufficient to push Litecoin’s worth larger within the close to time period.
Litecoin technical evaluation
The LTC/USD 4-hour chart is presently bearish, as Litecoin has been underperforming over the past 24 hours.
The MACD line is under the impartial zone and continues to drop decrease, indicating bearish momentum for Litecoin.
The 14-day relative power index of 37 exhibits that Litecoin may enter the oversold area quickly if the bears proceed to regulate the market.
Litecoin may drop under $47 help degree over the subsequent few hours or days if the present momentum is maintained. Nonetheless, the bulls ought to defend LTC across the $43 help degree within the brief time period.
Find out how to purchase Litecoin?
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