Litecoin price could dip lower as the broader crypto market underperforms

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Litecoin has been performing poorly over the past seven days and could register further losses before the end of the week.

LTC, the original coin litecoin Blockchain, has been performing poorly for the past few days. The coin has fallen more than 5% in the past seven days and has lost over 2% of its value in the past 24 hours.

However, with LTC underperforming at the moment, what is the outlook after this latest drop?

What caused Litecoin price to drop to $50?

As of press time LTC is trading at around $51 per coin. The cryptocurrency is likely to register further losses in the coming hours and lose support above the psychological level of $50.

Litecoin’s poor performance comes as the Litecoin Foundation announced on Tuesday, October 11 that its MWEB feature would soon be coming to mobile phones.

MWEB is a privacy-preserving improvement on the Litecoin network. Essentially, MWEB makes Litecoin a good way to transact because it does not allow the person you are paying (or, the person you are receiving funds from) to see that How much money do you have in your address?

Since the launch of MWEB earlier this year, the feature has only been available to users who have Litecoin Core downloaded on their computers. However, according to David Burkett (MWEB Lead Developer), light-client adoption may be just around the corner.

What is the outlook for the price of Litecoin?

Litecoin is underperforming despite news that MWEB may soon be available to mobile users. The poor performance coincided with the broader cryptocurrency market.

The broader cryptocurrency market has lost nearly 2% of its value over the past 24 hours, and the overall crypto market cap could drop below $900 billion if the momentum is maintained.

Litecoin could soon drop below $50 as the broader cryptocurrency market continues to underperform.

However, this latest cryptocurrency news The LTC price may be higher in the near future when the feature is rolled out to mobile users. The current announcement is not enough to propel the price of Litecoin in the near term.

Litecoin Technical Analysis

The LTC/USD 4-hours chart is currently bearish as Litecoin has been underperforming over the past 24 hours.

LTC/USD chart by TradingView

The MACD line is below the neutral zone and continues to decline below, indicating bearish momentum for Litecoin.

The 14-day relative strength index of 37 suggests that Litecoin could soon enter oversold territory if the bears continue to control the market.

If the current momentum holds, Litecoin could drop 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 near term.

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