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Litecoin has been underperforming over the past seven days and could record further losses by the weekend.
LTC, native coin litecoin Blockchain has been underperforming in recent days. The coin has fallen more than 5% in the last 7 days and he has lost more than 2% in value in the last 24 hours.
But with LTC sluggish at the moment, what’s the outlook after this latest drop?
LTC is trading at around $51 per coin at the time of writing. The cryptocurrency may record further losses and lose support above the $50 psychological level in the next few hours.
Litecoin’s poor performance stems from the upcoming arrival of MWEB features on mobile phones, announced by the Litecoin Foundation on Tuesday, October 11th.
#MWEB come up..https://t.co/KrOBLnfkbd
Litecoin (@litecoin) October 11, 2022
MWEB is an improved privacy protection on the Litecoin network. Basically, MWEB makes Litecoin a healthier way to trade. Because the person you’re paying (or the person receiving the money from) can’t know how much money you have at your address.
Since MWEB launched earlier this year, this feature is only available to users who have downloaded Litecoin Core on their PC. However, according to David Burkett (MWEB lead developer), light client adoption could be just around the corner.
Despite news that MWEB will soon be available to mobile users, Litecoin’s performance has been sluggish. The poor performance is consistent with the performance of the broader cryptocurrency market.
The broader cryptocurrency market has lost almost 2% of its value in the last 24 hours, and if this momentum continues, the total cryptocurrency market cap could fall below $900 billion.
Litecoin could fall below $50 soon as the broader cryptocurrency market continues to languish.
But this latest cryptocurrency news Once this feature is launched for mobile users, it could lead to higher LTC prices in the short term. The current announcement is not enough to push the price of Litecoin higher in the short term.
The LTC/USD 4-hour chart is currently bearish as Litecoin has underperformed over the past 24 hours.
The MACD line has broken below the neutral zone and continues to drop, indicating a bearish momentum for Litecoin.
The 14-day Relative Strength Index of 37 indicates that Litecoin could quickly enter oversold territory if the bears continue to dominate the market.
If the current momentum holds, Litecoin could break below the $47 support level in the next few hours or days. However, the bulls should defend LTC near the $43 support level in the short term.
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