Litecoin (LTC) Price Goes Down 5% to $30 But Crypto Traders say “We must Remain Bearish”
The 7th largest cryptocurrency by market cap of about $1.9 billion, Litecoin is currently down to approximately $30 along with the rest of the market.
Today, Bitcoin took a dump of over 3 percent and in tandem altcoins fall hard. Currently, the overall crypto market is in deep red. While Litecoin is not the worst performer, it is certainly feeling the heat.
At the time of writing, Litecoin has been trading at $30.97 with 24-hours loss of 4.87 percent. Litecoin price is in the red by 1.54 percent in the BTC market as well. Meanwhile, it is managing the daily trading volume of $700 million.
Litecoin 5-days price chart, Source: TradingView
Just last week, Litecoin registered the greens as it went from $31 to about $34 according to the data provided by Coinmarketcap. However, since this weekend, Litecoin took a hit and fell down just like the rest of the crypto market and wiped out all the gains it had made in the process.
“There’s Absolutely Nothing Bullish”
Today, the onslaught of bears gave a push to Tether as it climbed above Litecoin (LTC) and Bitcoin Cash (BCH) to attain the 5th spot on the market.
However, what can be expected from Litecoin price now? More Loss according to economist and crypto trader Alex Krueger as he shares,
There's absolutely nothing bullish neither technically nor fundamentally for bitcoin and the main crypto assets. Bitcoin broke support overnight and has shown no signs of exhaustion. Charts are decidedly bearish. Longs = scalping against the trend.
— Alex Krüger (@krugermacro) January 28, 2019
“There's absolutely nothing bullish neither technically nor fundamentally for bitcoin and the main crypto assets. Bitcoin broke support overnight and has shown no signs of exhaustion. Charts are decidedly bearish. Longs = scalping against the trend.”
Similar sentiments are shared by the crypto trader Benjamin Blunt who said Litecoin will go down a bit more,
i still dont believe the december lows at $23 will be broken, but at this point we must remain bearish until we see a 5 wave rise from wherever it decides to bottom. pic.twitter.com/SlIjen42A7
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) January 28, 2019
“Seeing as LTC was a leading indicator on the way up, it seems it should be one on the way down also. Current PA unfolding bearish with what i assumed was an impulsive rise has now materialized into a corrective expanded flat so i’m anticipating a fall back to at least 27.50.”
He further shared that though he remains bearish on price, however, December low of $23 is not expected to break.
“Right on que. LTC and BTC falling in an impulsive decline after that expanded flat was completed. I still don’t believe the december lows at $23 will be broken, but at this point we must remain bearish until we see a 5 wave rise from wherever it decides to bottom.”
Meanwhile, Litecoin Working on Becoming the Payment Choice for the World
Just last week, Litecoin moved onto adopting its new blue Logo that represents, “an exciting time in Litecoin’s history as it symbolizes new ambitions and the relentless drive to become globally adopted.”
In the past 7 years, the “Silver to Bitcoin’s gold” has played a significant role in its growth, however,
“As Litecoin now enters the mainstream space, this narrative will inevitably evolve like money has evolved over time,” and now “the new Litecoin blue logo captures this next evolution which will expand Litecoin to even greater depths never seen before.”
In another set of event, Private Swiss-based bank Falcon announced support for selected digital assets including Litecoin, Bitcoin, Ethereum, and Bitcoin Cash for its private and institutional clients and became the first private bank in Switzerland to do so.