The cryptocurrency market has pulled back after a strong weekend and further losses could be expected
The cryptocurrency market finally pulled back yesterday after recovering in recent days. Bitcoin and the other leading cryptocurrencies have all posted losses in the past 24 hours. After beating the $ 47,000 mark, BTC lost 3.6% of its value and is now trading in the $ 45,000 region.
Ether also rose near the $ 3,300 level but has lost 4% of its value and is now trading just above $ 3,100 per coin. Litecoin was down 3.6% yesterday, eliminating the 1% gain on Sunday. The loss came after Litecoin began an uptrend on Monday and approached the $ 190 mark.
However, LTC fell to a low of $ 179 before the day ended. Litecoin is currently trading at the $ 178 level and could take further losses if the market correction continues. Leading market analysts believe it is time for a healthy market correction as the rally has continued for the past few days.
Outlook on the LTC price
The LTC / USDT 4-hour chart is currently looking bearish, reflecting the state of the broader cryptocurrency market. Right now Litecoin is trading at the 23.6% Fib level of $ 178. The cryptocurrency needs to move above this level and the $ 182 pivot if it is to move towards the first major resistance level at $ 186.
LTC / USDT 4 hour chart. Source: Coinlyze
If the broader market recovers from the recent correction and resumes its rally, LTC could attempt a run to the $ 193 resistance level. However, it might be difficult to go beyond that unless there is a prolonged uptrend.
On the flip side, the bulls held to defend the first major support level at $ 174 may not be able to move past the $ 178 mark. Unless there is an extended market sell-off, Litecoin should comfortably defend the next support level around $ 170.