Analyst: Litecoin Primed for Further Losses as Technical Strength Degrades
Litecoins recent halving event had led many investors and analysts alike to believe that it was poised for a large bull run throughout the second half of 2019, but LTC’s lackluster price action as of late has dissolved all the hype that was previously surrounding it.
Now analysts are noting that the crypto is likely to face significantly further downwards pressure in the near-future, despite the recent bullishness that Bitcoin and many other altcoins have incurred over the past few days.
Litecoins BTC Trading Pair Looks Terrible, Claims Prominent Analyst
At the time of writing, Litecoin is trading up nearly 4% at its current price of $69.20 but is currently trading down nearly 1% against Bitcoin.
Although Litecoins USD trading pair has risen from lows of nearly $60 to its current levels, it has been facing consistent losses when denominated against BTC and is also down significantly from its pre-halving USD highs of over $140.
This recent bearishness is showing no signs of slowing down anytime soon, and analysts are now noting that it may dip significantly further in the coming days and weeks ahead.
Last week, Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about LTCs recent price action, noting that it currently has a strong support level around the lower $60 region that must continue to hold strong in order for bulls to have a chance at pushing it higher.
$LTC #Litecoin daily – Breaching support from the end of April, he explained while pointing to a price level that has since held strong.
LTC May Continue Plunging if Bulls Fail to Step Up Buying Pressure
DonAlt, a popular cryptocurrency analyst on Twitter, also shared his thoughts on Litcoins recent price action, explaining that he believes its near-term future against BTC looks grim.
$LTC: Anything below red looks like death. Bulls can only hope that this is a shakeout. Trading back above red would make me more confident that it is. Jfc, this looks terrible, he explained in a recent tweet.
$LTC Anything below red looks like death. Bulls can only hope that this is a shakeout. Trading back above red would make me more confident that it is. Jfc, this looks terrible. pic.twitter.com/VxXymeePTA— DonAlt (@CryptoDonAlt) September 3, 2019
Furthermore, while responding to a user who questioned why it looks so terrible presently, DonAlt further added that Litecoin has broken below its key support levels that previously held strong.
Broke the only significant support left. Is a big timeframe head and shoulders. The positive news (Halving) completely irrelevant and dumped into. Many reasons why this looks like shit, let’s hope it makes its way back above the red line, he replied.
Broke the only significant support left.— DonAlt (@CryptoDonAlt) September 3, 2019
Is a big timeframe head and shoulders.
The positive news (Halving) completely irrelevant and dumped into.
Many reasons why this looks like shit, let's hope it makes its way back above the red line.
As Bitcoin continues to react to its position right below $11,000, it is highly likely that it will grow clearer as to whether or not LTCs recent bearishness is truly just a shakeout, or if further capitulation is imminent.
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