In ending final week within the pink, the world’s fifth-largest cryptocurrency, litecoin, has confirmed its longest weekly shedding streak in a yr.
LTC suffered an eight p.c drop within the week ended Sept. 1, having registered 3.17, 15.10, and 5.74 p.c losses within the previous three weeks, in accordance with Bitfinex information.
That’s the longest shedding streak since August 2018. Again then, the fifth-largest cryptocurrency by market capitalization had suffered losses in every of the 4 weeks of August.
Weekly chart
The August 2018’s four-week week shedding streak noticed LTC clock a excessive and low of $85 and $49, respectively, that means costs fell by 42 p.c.
The newest four-week sell-off introduced LTC decrease to $62 from $107 – once more a 42 p.c drop. It’s value noting that the value slide has occurred following litecoin’s mining reward halving on Aug. 5.
That’s hardly stunning because the cryptocurrency had priced within the impending provide minimize with a 100 p.c worth achieve within the first three months of this yr. Additionally, it’s value noting that regardless of the latest drop, LTC remains to be up 123 p.c on a year-to-date foundation.
Extra importantly, LTC is now buying and selling across the 50-week transferring common (MA) – a stage, which constantly acted as robust assist in 19 months earlier than the bullish breakout in March 2017, as seen within the chart beneath.
LTC’s dips to or beneath the 50-week MA have been short-lived all through the August 2015 to March 2017 interval.
The cryptocurrency picked up a powerful bid close to the important thing common at $4.09 on the finish of March 2017 and rose to a document excessive of $370 by December 2017.
As of now, LTC is buying and selling across the 50-week MA situated at $67.94. If historical past is a information, LTC might proceed to commerce in a sideways method across the MA line for not less than the following few months, earlier than breaking into the following bull market.
Disclosure: The creator holds no cryptocurrency belongings on the time of writing.
Litecoin picture through Shutterstock; charts by Trading View
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