Crypto Market Round-Up
Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Litecoin (LTC) is a decentralized digital currency that was introduced in 2011 as an alternative to Bitcoin. It falls under the category of 'altcoins,' which are designed to serve as alternatives to traditional digital currencies like Bitcoin. LTC has a market capitalization of ~USD 9.36 billion (as per TradingView as of February 27, 2025).
Last week, the S&P Cryptocurrency Broad Digital Market (BDM) Index started on a bearish note and continued its downward trend. The index fell by 184.69 points (~3.27%), closing at 5,459.17 for the week ending February 21, 2025. As the new trading week begins on February 24, the index maintains its negative momentum. The broader cryptocurrency market remains under pressure, with major assets like Bitcoin and Ethereum also experiencing declines, further reinforcing the overall bearish sentiment.
Having understood the S&P Cryptocurrency BDM Index movement over the last week and the scenario for the upcoming week, one crypto that seems ‘Bearish’ at the current level appears to be Litecoin (LTC) Perpetual Futures based on the below technical parameters: -
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