The price of litecoin is showing little or no correlation to the ongoing alt season narrative that many analysts believe has resumed. This follows the surge of several altcoins when Dogecoin first experienced its 50% rise as a result of social media influences.
As many altcoins like LINK and XTZ nurtured the common touch, LTC price mirrored that of BTC and never moved too much in any particular direction.
Amid the highly controversial altseason, litecoin price merely fell into slight plunge as prices plummeted from the $46 area towards $41. Since the last 7 days, the price recorded a net loss of 2% and it seems further price plunge may be inbound.
As of now, litecoin changes hands at $41.99 amid a market capitalization of $2.7 billion. The coin’s exchange volume within the last 24 hours is recorded to be valued at $639 million.
LTC USD 1-Week Chart
On the 7-day timeframe, the price is seen to have lost about $2.4. A strict price control struggle exists but the sellers have managed to pull the market sentiments towards a bearish trend.
Although the price seems to have gotten to a major checkpoint, the bears may rally to plunge litecoin further down to the next support at $40 in the longer term.
LTC/USD 4-Hour Timeframe
On the shorter timeframe, the Resistance Strength (RSI) is horizontal below the 40.0 level. Although approaching the oversold condition, prices may plunge further if the support at $41 fails to hold.
Below this level, the next level of major resistance lies at $40 where RSI would have plunged further to the 20.0 level.