The LTC / USD closed at 218,974 after a high of 242,829 and a low of 211.00. After rising for eight consecutive days, LTC / USD fell sharply on Wednesday, following the day’s bearish market trend BITCOIN. Litecoin fell 10.0% on Wednesday, the largest percentage drop in a day since February 23. The downward momentum pushed Litecoin’s market cap to $ 14.607 billion. The digital silver coin fell sharply on Wednesday despite the good news the day before that there will soon be an institutional listing in the form of an exchange-traded product (ETP) in Switzerland. The company’s investment product currently offers exposure to Bitcoin and ETHERLitecoin will soon also be available to eligible institutional and individual investors across Europe.
Following the news, Litecoin rose more than 10% on Tuesday as investors gained confidence in it. However, those gains only lived one day and were reversed the next day under the downward pressure caused by Bitcoin. Bitcoin investors began to close their long positions to create more room for a new all-time high as Bitcoin’s bullish potential was strong. Bitcoin’s recent decline cannot be seen as a correction. Rather, it has been done to make room for further upward movement to keep prices above $ 60,000. This type of move by traders pulled other altcoins in the market down, including Litecoin.
In addition, the US dollar was strong on Wednesday following the FOMC’s release of the minutes of the March meeting. This revealed that the Fed will accommodate policy until the full recovery of employment and inflation, and that policy will not change the country’s economy solely on the basis of good forecasts. The US dollar index also rose above the 92.3 level, adding to further losses in LTC / USD.
Daily technical levels
Pivot point: 224.920 the LTC / USD The pair is trading on a bearish bias around the 226.25 level once the pair has entered the overbought zone. Litecoin is currently likely to fall to the 218 level, which marks the 50% Fibonacci retracement. On the lower side, a breach of the 218 level can extend the sales trend to the 211 level. The RSI and MACD continue to hold a buy trend while the 20- and 50-period EMA support a sell deviation. Let’s assume a sale below 231 today. Good luck!