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  • On Friday, Litecoin is trading with a neutral bias at $176, losing around -0.10% so far. 
  • Litecoin’s price has dropped after surging to its highest since mid-May.
  • Forex trading participants may look for a sell trade below the $189 level to the target of $176 and $165.

On Friday, Litecoin is trading with a neutral bias at $176, losing around -0.10% so far. The day before, the LTC/USD closed at $3422.99 after posting a high of $3564.31 and a low of $3395.09. Earlier, the LTC/USD dropped as the market looked for a specific direction after a sudden flash crash. If you are wondering what to expect and where to buy LTC, let’s find out below…

The Litecoin price has dropped after surging to its highest since mid-May. The digital currency’s network continues to benefit from the growing activity. The cryptocurrency built as a hard fork of its digital sibling, Bitcoin, has some differences in fundamental ways, including block time and tokenomics. 

LTC/USD slipped dramatically to a low of 161.68 level

The LTC/USD slipped dramatically to a low of 161.68 level, but the pair has bounced off to trade at 182 level amid positive fundamentals. The network of Litecoin has been seeing improvements in fundamentals over the last several months as the number of transactions per second, active addresses, and new addresses has been rising. 

Furthermore, the rising hash rate of the network over the last several months has also pushed its prices higher. The hash rate on the LTC network nearly doubled from 170 terahashes in late June to 321.8 terahashes.

Litecoin is correlated with Bitcoin as both are built on the same hard fork, and the prices of bitcoin tend to have a positive relationship with Litecoin’s prices. There is a strong correlation between LTC and BTC as if one is considered digital gold, the other is known as digital silver.

Bitcoin prices have been rising for the past few weeks and have reached above $51,000 amid the increased adoption of cryptocurrencies. The world’s most prominent digital currency was pricing the latest move from El Salvador to make BTC its legal tender in the past few weeks, and the series of other positive developments from VISA and Amazon added further upside momentum in BTC/USD prices.

Investors’ reaction is mainly similar to Litecoin relative to Bitcoin in terms of price movements. Thus, this week’s recent price dip could be attributed to the BTC moving below the $45,000 level.

Where to Buy Litecoin?
LTC/USD 2 Hour Chart

Litecoin Price Prediction- Technical Levels

Support Resistance

175.266 186.966

170.233 193.633

163.566 198.666

Pivot Point: 181.933

LTC/USD Sideways Range of $190 – $176 in Play – Where to Buy LTC?

Litecoin price prediction is bearish below 50 days EMA (exponential moving average) of $189.17. In the 4 hour timeframe, Litecoin is gaining immediate support at the $176 level, which is extended by a 23.6% Fibonacci retracement level. 

On the bearish side, a breakout of the $176 level could extend the selling trend to the $176 and $161 levels. On the bullish side, the breakout of the $190 level could lead Litecoin towards the $196 resistance area. This resistance level marks 50% Fibonacci retracement levels. Further on the higher side, the currency pair is likely to go after the next resistance level of $205, which is being extended by a 61.8% Fibonacci retracement level. 

The lagging indicator 50 EMA supports bearish bias, while the leading technical tool supports a selling trend in Litecoin. Thus, Forex trading participants may look for a sell trade below the $189 level to the target of $176 and $165. Alternatively, a buy-stop above $190 can help capture an excellent buy trade with a target of $205 and $208 levels. All the best.

Where to Buy Litecoin?

You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.

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