At press time, it was trading at $87.04 with a market cap of over $6.2 billion. A decline in price can have a negative impact on the mining industry, as miners might choose to exit as their profits reduce.
Litecoin’s one-week price volatility plummeted and this decreased the chances of a sudden uptrend. Its volume also declined, reflecting a lower willingness of investors to trade the coin. Another bearish signal was its declining velocity, which meant thatWhile the metrics were bearish, a few of the market indicators supported the bulls. For instance, the distance between the 20-day Exponential Moving Average and the 55-day EMA was declining, increasing the chances of a bullish crossover.
Additionally, Litecoin’s MACD displayed a bullish upper hand in the market. Nonetheless, its Money Flow Index was right near the overbought zone, which could raise selling pressure in the coming days.