The Litecoin (LTC) to Bitcoin (BTC) trading pair has been on a downward trend since its peak years ago, with recent price action continuing to reflect a bearish sentiment. Following Litecoin’s halving event, the LTC/BTC pair has experienced a significant decline of about 68%, as highlighted by CryptoBullet, an analyst.
This marks another significant decrease in a sequence of declines. The persistent trend highlights Litecoin’s challenges in maintaining its value relative to Bitcoin, even with occasional short-term recoveries.
Over the years, LTC/BTC has seen multiple substantial declines, each one reinforcing the overall downward trend. For instance, a significant drop occurred around 2016, where the pair saw a decline of approximately 76.41%. This was followed by another substantial dip in 2021, where the pair fell by about 78.10%. The most recent decline shows a drop of around 68.15%, indicating that Litecoin’s performance relative to Bitcoin continues to struggle.
The chart analysis reveals that after each major drop, LTC/BTC briefly finds support, offering some temporary stability. However, these support levels often fail to hold, and the pair continues to break through them as the bearish trend persists.
Resistance levels also play a crucial role, typically aligning with previous highs or around the 0.003000 level. These resistance points act as barriers for any potential upward movement, capping the price and preventing a sustained recovery.
LTC/BTC appears to be in a consolidation phase, hovering around the 0.001000 level. This could suggest that a new support level is forming, though it remains uncertain whether this level will hold or if further declines are on the horizon. The broader market sentiment for Litecoin seems to remain cautious, with the pair struggling to break free from its long-term downtrend.
Litecoin ($LTC) Sees Bullish Surge With 704K New Addresses and Positive RSIDespite the challenging environment, there are some signs of potential short-term relief. At press time, the live Litecoin price stands at $65.33, showing a slight increase of 3.08% over the last 24 hours.
The 1-day RSI reads 50.81, suggesting that Litecoin is currently neither overbought nor oversold. Moreover, the 1-day MACD trading above the signal line hints at a possible bullish trend in the near future.
