2020 has actually been a specifically harsh year for Litecoin, with the crypto very closely tracking Bitcoin’s price activity as well as trading right around where it began the year at.
Although LTC has actually had the ability to prevent decreasing over a year-to-date duration, it has actually drastically underperformed Bitcoin while following its capitulatory decrease from its mid-February highs.
Over a macro period one investor is currently keeping in mind that he thinks Litecoin is especially weak as well as might be well placed to establish fresh lows in 2020.
Litecoin Sees Intense Macro Weak Point as Expert Anticipates “More Tears” in the Future
At the time of creating, Litecoin is trading down simply under 2% at its existing price of $4219, which notes a minor decrease from everyday highs of $4430 that were established the other day.
LTC is still trading up from once a week lows of $39 as well as has actually created a limited connection to Bitcoin that has actually led the crypto to see temporary price activity comparable to that seen by a lot of its peers.
The cryptocurrency’s macro pattern shows up to significantly prefer bears, nonetheless, as experts are keeping in mind that LTC’s response to its significant need degree seems a grim indicator for what’s ahead following.
One pseudonymous crypto investor mentioned this in a recent tweet, describing that that the weak point of Litecoin’s current bounces shows that there are “more tears to come” in the coming months.
“LTC / USD 1M TF – Look at Price action reaction to this demand level, ‘V reversal’ I personally don’t think so, each bounce is getting weaker and weaker, more tears to come over the coming months.”
Low-Time-Frame Evaluation Signals the Crypto Might Establish New Lows in 2020
This bearishness isn’t distinct to simply Litecoin’s macro period, as the 7th biggest cryptocurrency by market capitalization is additionally revealing tremendous indications of weak point in the temporary also.
The very same crypto investor additionally mentioned this in a later blog post, explaining that although it might jump a little greater in the near-term, it is most likely that Litecoin establishes fresh lows in the coming months.
“LTC / USD H12 TF – Looking at the LTF, there is money to be made as a trader in both directions. The idea of the 1M analysis is to show you my HTF views to Litecoin, new lows look inevitable in 2020,” he claimed while indicating the listed below graph.
Included photo from Unsplash.