Litecoin (LTC) price fights for crucial level after market dip

Litecoin (LTC) price fights for crucial level after market dip

By Ilija Rankovic - min read
Updated 21 March 2023
Litecoin logo on a smartphone

Litecoin spent the day following the market down after reaching a high of $247. However, LTC price is currently at a major pivot point, which may determine more than just its short-term trading direction

Fundamentals and past price performance

Litecoin has spent the majority of 2021 (and its existence) trading in the same direction as Bitcoin. However, what differentiated it was its intensity (it moved up and down less than BTC, except in altcoin seasons). However, the cryptocurrency has now moved with higher intensity than BTC as LTC bears were eager to test out its main pivot point.

One Twitter user pointed out that Litecoin has just entered the bull market after passing the $220 mark, meaning that LTC is now back in neutral stage:

Taking a look at its weekly performance, LTC has posted losses of 13.37%, falling short to BTC’s 0.52% loss, but outperforming ETH’s 14.59 loss.

At the time of writing, Litecoin is trading for $178, which represents a 25.60% gain when compared to its previous month’s value. Litecoin is currently the 8th largest cryptocurrency by market cap, boasting a value of $11.82 billion.

LTC/USD weekly chart price analysis

Taking a look at the weekly chart, we can see Litecoin’s large-scale trading pattern. Many analysts used this timeframe to justify the statement that LTC has just entered the bull market. However, the current market conditions pulled its price down, and LTC bears took over.

Litecoin is currently fighting to stay above its pivot point that sits at $182. A break below it would mean a much more bearish outlook, while a daily close above the level would signify strength.

LTC/USD weekly price chart. Source: TradingView

The technical overview shows Litecoin’s weekly RSI just leaving the overbought area, with its value currently sitting at 64.17.

LTC/USD hourly chart price analysis

Litecoin’s hourly timeframe shows us how its price responded to the market downturn.

LTC/USD 1-hour chart. Source: TradingView

We can see that LTC is clearly responding to both the 21-hour EMA and the Fib retracement levels, and that it is currently positioned just above the 61.8% Fib retracement level of 175.83. However, this level is a bit less important when compared to the $182 pivot point, which could be considered crucial for Litecoin traders.