Litecoin Drops 11% as Bitcoin’s Price Skyrockets

Bitcoin”s value reaches $80,000 and triggers sudden market swings as crypto investors react. After Bitcoin reached its impressive new high the entire cryptocurrency market felt strong selling force which triggered sharp price drops throughout altcoin investments.

Following its small growth phase Litecoin started moving downhill quickly. Litecoin prices turned downward abruptly during a two-day uptrend and lost 6.06% that day indicating rising market fluctuations. In the past week LTC suffered an 11% price drop that lowered its total market value to $9B.

Litecoin Struggles to Break Resistance at $129.38

According to trading indicators Litecoin could not cross its $129.38 support zone and hit a peak at $131.95 before facing strong price resistance. Bullish momentum wilted quickly which caused LTC to drop strongly from $131.95 to $119 in price. The falling market prices show that LTC may test the $110 floor again.

The bearish engulfing candlestick pattern on Litecoin”s chart now puts the bull recovery period from a morning star formation at risk of failure. The falling market price broke through $121 which marks 38.20% recovery but shows more downside will persist.

Litecoin holds steady between $98 and $138 for its price consolidation period. LTC needs to maintain its bear trend to reach its next support area at $111 which represents 23.60% of the overall price movement.

Analyst Ali Martinez Predicts Litecoin’s Future

Financial market signs show wait-and-watch behavior when predicting Litecoin price movement. Both MACD and signal lines point down along the chart while the RSI daily value remains around the mid-point with no clear direction.

When LTC breaks through its existing resistance the price may move up toward $150. The currency will likely move down towards $98 if investors stop backing the price at its current levels.

A known crypto analyst named Ali Martinez expressed comments about Litecoin”s market potential through her latest tweet. Every day LTC needs to trade above $136 before Martinez can confirm a positive market breakout. When LTC passes above the $136 resistance level it gains more momentum to advance its uptrend.

Traders watch Litecoin closely today to make investment decisions based on price levels that act as buying or selling boundaries. The next period will reveal if Litecoin needs to recover its positive outlook or will face ongoing industry downturns.