Bitcoin
BTC$49 177.82

-7.92%

Ethereum
ETH$4 092.88

-2.38%

Binance Coin
BNB$563.52

-4.86%

Tether
USDT$0.999981

-0.03%

Solana
SOL$203.61

-3.36%

Cardano
ADA$1.42

-8.66%

Litecoin (LTC) Continues to Cede the Ground to the Bears


June 2020

Litecoin is inarguably the most disappointing top cryptocurrency both in terms of gains and the overall price action. In hindsight, the last halving, which took place on August 5, 2019, has had disastrous consequences for the 7th cryptocurrency as it didn't make the price go to the upside, but, on the contrary, marked the continuation of extensive price depreciation, along with the market capitalization, which collapsed from $8 billion to $2,8 billion in less than a year.

During that time, the creation of Charlie Lee had rolled down in the ranks significantly, having gone from being ranked 4th all the way to the 7th spot. To make matters worse, even that position is now being threatened by the likes of Binance Coin and EOS that have roughly the same market capitalization: $2,58 billion and $2,4 billion, respectively. So, don't be surprised if, by the end of this year, Litecoin would find itself being pushed further down or even out of the top 10.   

Understandably, things have also gone sour for Litecoin in the gaining department as the coin is deeply in the red on both the yearly (-60% against USD, - 63% - Bitcoin) and monthly time frames (-0.16% USD and - 18.9% - BTC), which further proves that once immensely promising cryptocurrency is now in a very deep crisis.

The rising wedge offers more bearish expectations  


The weekly LTC/USDT chart below shows that after a glimmer of hope in 2019, when the pre-halving rally took the price to the local high at $137 ($144 on some exchanges), it still turned out to be the lower high on the macro level. Therefore, despite the halving, and all the hype that surrounded it, as well as the ceaseless business and marketing activities on the part of the Litecoin Foundation and its founder Charlie Lee, the coin remains inherently bearish, and will stay that way at least until the price finds its way out of the ascending wedge formation.

1-week LTC/USDT chart

As traders know, the ascending wedge is considered a bearish pattern, so we have reasons to expect Litecoin to dip below $20 at some point this year, and could even test the depth of $10. There is virtually no indication of intention on the side of Litecoin to reverse even this secondary uptrend, which means that only stagnation and the subsequent price decrease is what lies ahead of LTC.

There is a chance, of course, for Litecoin to go to the upside and even test the resistance at $52.9, but that only could happen if the post-halving price action of Bitcoin would be of a bullish kind and pull with it the entire market to the upside. Otherwise, Litecoin has no other option but to go down dramatically or get mired in the sloping consolidation.

1-day LTC/USDT chart

The bearishness of Litecoin is also proved by its position against two crucial moving averages: the 50 EMA and the 200-period EMA. After the death cross on March 12, those two have been moving farther apart and downward, thus holding LTC firmly in the bearish context. In addition, MACD has failed to stay in the bullish territory above zero, and is now neutral with the bearish outlook.

To summarize, Litecoin is having a bad year, and it's entirely possible that it would turn worse in the next month or two. Therefore, we expect LTC to decrease in value by 30% in the next 30+ days, and only then it would be a good time to start looking for some reversal patterns.

Author: Alex Paulson for Crypto-Rating.com

Related

Litecoin Price Prediction for 2025 and 2030: The Restoration to Former Glory and Beyond
Litecoin Price Prediction for 2025 and 2030: The Restoration to Former Glory and Beyond
Litecoin (LTC) Goes Up After PayPal News
Litecoin (LTC) Goes Up After PayPal News
Litecoin (LTC): The Downtrend Continues
Litecoin (LTC): The Downtrend Continues
Litecoin (LTC): The Last Days in Top 10?
Litecoin (LTC): The Last Days in Top 10?
Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?
Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?
Litecoin (LTC) Is Still Caught in the Stalemate
Litecoin (LTC) Is Still Caught in the Stalemate
Litecoin (LTC) - Back to 2018?
Litecoin (LTC) - Back to 2018?
Litecoin: Price Recovery is Nowhere in Sight
Litecoin: Price Recovery is Nowhere in Sight
Litecoin (LTC) Is About to Move Sideways
Litecoin (LTC) Is About to Move Sideways

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76% 49 $49 177.82 -7.92% -10.53% $929 035 044 566 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 34 $4 092.88 -2.38% -0.69% $485 446 527 829 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 81.2% 30 $563.52 -4.86% -7.33% $93 995 664 394 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999981 -0.03% 0% $74 156 265 433 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 72% 60 $203.61 -3.36% 4.31% $62 231 324 330 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.6% 67 $1.42 -8.66% -8.56% $47 386 208 203 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 64 $0.847073 -8.28% -10.87% $40 021 926 228 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 96% 2 $0.999590 -0.04% -0.01% $39 871 779 233 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 61.6% 74 $29.29 -12.73% -17.58% $28 929 753 364 DOT 7 days price change
10 Terra (LUNA) LUNA Terra predictions 68% 62 $74.10 13.99% 67.51% $28 735 392 986 LUNA 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 71 $0.178634 -10.26% -13.05% $23 648 648 660 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64% 74 $92.34 -12.64% -18.20% $22 411 255 216 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.6% 73 $0.000037 -7.81% -5.02% $20 467 328 342 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 58.4% 83 $0.605372 -3.98% -24.08% $15 293 531 006 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 69.6% 59 $1.99 -10.33% 22.67% $13 980 255 925 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.