Litecoin Price Suffers The Worst Weekly loss in Year
At the end of last week in red numbers, the fifth largest cryptocurrency in the world, litecoin, has confirmed its longest weekly loss streak in a year.
LTC suffered an 8 percent drop in the week ending September 1, having recorded losses of 3.17, 15.10 and 5.74 percent in the previous three weeks, according to Bitfinex data.
That is the longest losing streak since August 2018. At that time, the fifth largest cryptocurrency by market capitalization had suffered losses in each of the four weeks of August.
Weekly table
In the four-week losing streak of August 2018, LTC recorded a maximum and minimum of $ 85 and $ 49, respectively, which means that prices fell 42 percent.
The last four-week mass sale reduced the LTC to $ 62 from $ 107, again a 42 percent drop. It is worth noting that the price drop came after the litecoin mining reward was cut in half on August 5.
That is not surprising, as the cryptocurrency was priced at the impending supply cut with a 100 percent increase in the first three months of this year. In addition, it is worth noting that despite the recent decline, LTC has still risen 123 percent in annual terms.
More importantly, LTC now quotes around the 50-week moving average (MA), a level that always acted as a strong support in 19 months before the bullish breakout in March 2017, as seen in the chart below.
LTC drops below the 50-week MA were short-lived during the period from August 2015 to March 2017.
The cryptocurrency picked up a strong offer near the key average of $ 4.09 at the end of March 2017 and increased to a record $ 370 in December 2017.
As of now, LTC is trading around the 50-week MA located at $ 67.94. If the story is a guide, LTC could continue to operate laterally around the MA line for at least the next few months, before entering the next bull market.
Disclosure: the author has no cryptocurrency assets at the time of writing.
Litecoin image via Eivind Pedersen from Pixabay; charts by Trading View
This article is republished from dailycoin.info.