Litecoin Price Plummets 20% in a Week Amid Intensifying Bearish Sentiment

Litecoin (LTC) is under intense pressure as the cryptocurrency market struggles to recover from recent losses. After falling over 20% in a week, traders are closely watching support levels near $40.

Crypto analyst Joao Wedson warns that LTC has lost key on-chain levels and is now focused around $34 and $29.

Futures open interest dropped to approximately $283 million from $411 million, indicating weaker trader activity. The long-to-short ratio also fell to 0.88, showing bearish positions outweighing bullish ones.

Ecosystem development continues despite market weakness, with the LitVM smart contract layer and Nexus Wallet updates generating renewed attention.