- A sharp sell-off in the crypto market has put additional downside pressure on the LTC/USD pair.
- Litecoin price prediction remains slightly bearish below the 50-days EMA (exponential moving average – red line) at $162.
- Forex trading participants may look for a sell trade below the $162 level to target $150 and $145.
On Tuesday, the LTC/USD is trading with a bearish bias at 157.85, facing immediate resistance at 162. During Tuesday’s early European trading session, the LTC/USD pair failed to end its previous session’s bearish stance. Thus, it drew some further offers below the $160.00 level even after the weaker USD price action, which generally positively impacted the LTC/USD pair. Litecoin price prediction remains slightly bearish below the 50-days EMA (exponential moving average – red line) at $162.
Litecoin Quick Price Review:
The sharp sell-off in the crypto market has put additional downside pressure on the LTC/USD pair. Moreover, the LTC price faced a severe price decline of around 2.68% when the market opened. It currently trades at $160.521. The latest declines pushed Litecoin’s market cap down to $11.089B, or 0.55% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. The Litecoin price is trading near $160.851 with a 24-hour trading volume of $10,770,717,141. Litecoin is dropped by 2.68% in the last twenty-four hours.
The declining streak in the LTC/USD coin pair could be short-lived or temporary as the lower US dollar positively impacted the LTC/USD pair. At the USD front, the broad-based US dollar extended its early-day bearish moves. As a result, it dropped further during the European session as investors awaited a highly-anticipated US Federal Reserve’s latest policy decision, which is due to haded down on tomorrow.
Meanwhile, the market’s upbeat mood put some additional burden on the safe-haven US dollar. In any case, the recent declines in the US dollar have provided some exceptional support to the LTC/USD pair, at least for the time being.
The US imposed sanctions on the crypto exchange.
Recent news about the United States imposing sanctions on cryptocurrency exchanges adds to the pressure on cryptocurrencies.In one of its most significant actions to date against a digital asset firm, the US Treasury has imposed penalties on a cryptocurrency exchange. Those exchanges, it claims, allowed ransomware criminals to launder extortion money from victims.
The US Treasury’s Office of Foreign Assets Control imposed restrictions on an exchange called SUEX, which it said “deliberately encouraged unlawful activity for own illicit gains” in collaboration with the FBI.
The measure represents a new step forward in the government’s fight against the epidemic of ransomware assaults. Thus, the hackers capture a company’s systems or data and demand a ransom payment before releasing them.
Moreover, the experts have long advocated for stronger obstacles to prevent cybercriminals from accepting and subsequently laundering ransom payments. These are often made possible by using hard-to-trace cryptocurrencies.
According to the Treasury Department, 40 percent of SUEX’s transactions are tied to illegal actors, and the company has helped launder money from more than eight ransomware versions.
SUEX was founded in Prague, Czech Republic, according to its website, and it is “used by thousands of people in Russia, Europe, Asia, and South, and North America,” according to its LinkedIn page. Sanctions prohibit US citizens and businesses from transacting with the organization, with fines as a result.
Litecoin Price Prediction- Technical Levels
Pivot Point: 162.51
LTC/USD Price Prediction – Brace for a Sell Trade Below $162
Litecoin price prediction is bearish below 162 level, as it’s facing strong resistance. The LTC/USD bearish below 50-days EMA (exponential moving average – red line) at $162. In the 4 hour timeframe, Litecoin is gaining immediate support at the $149 level. Furthermore, it’s extending a double bottom pattern level. On the bearish side, a breakout of the $149 level could extend the selling trend to the $145 and $142 levels.
On the bullish side, the breakout of the $162 level could lead Litecoin towards the $170 resistance area. A further bullish breakout of the $170 level can extend a buying trend until the $179 level.
The lagging indicator 50 EMA supports bearish bias and the leading technical tool Stochastic RSI, suggesting a bearish trend in Litecoin. Thus, Forex trading participants may look for a sell trade below the $162 level to target $150 and $145. Alternatively, a buy-stop above $165 can help capture an excellent buy trade with a target of $170 and $179 levels. All the best.
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