Bitcoin
BTC$28 953.50

-4.17%

Ethereum
ETH$1 929.37

-6.11%

Tether
USDT$0.999062

0%

USD Coin
USDC$1.000165

0.02%

Binance Coin
BNB$316.54

-3.99%

XRP
XRP$0.397236

-6.29%

Litecoin (LTC): The Last Days in Top 10?


September 2020

In a few months, Litecoin (LTC) will probably be nominated as the most disappointing top altcoin of the year. Contrary to the expectations of LTC adepts who had been preaching about the inevitable rise of Digital Silver after the halving, things have gone sour for the former 4th cryptocurrency as it has been knocked down to the 10th spot, and its market capitalization trimmed to $3,1 billion, and now has Crypto.com Coin (CRO) stepping on its toes. Given how bearish the first half of September has been for the cryptocurrency market in general, as it tanked by 20% across the board, and how DeFi currencies like Polkadot (DOT) are forcing their way into the cryptocurrency elite, traders are likely to see Litecoin on the wrong side of top 20 by the end of the year.

The bears are dominating the Litecoin market


A sub-par performance of Litecoin continued into the fall as the altcoin lost 17.2% in the last seven days against USD, while its losses on a yearly scale amounted to 32% against USD, 31% in the pair with Bitcoin, and 65% against ETH. It comes to show that the bearish agenda remains overwhelmingly strong in this market, and it’s unlikely to change any time soon.

The situation on the weekly time frame confirms this notion as LTC couldn’t even rise above the 23.6% Fibonacci retracement level, whereas many neighboring altcoins have gone far beyond the highs of 2019.

1-week LTC/USDT chart

The current bearishness of Litecoin is striking: it took the price several months to recover after the COVID-19 crisis, but it couldn’t even reach the pre-crisis level when the sudden sell-off at the beginning of the month has taken LTC back to the multi-week support at $48, with the prospect of going even lower towards the bottom of the March crash near $30.

On the other hand, we see that MACD was about to enter the bullish territory, which could have provided some additional puff for the buyers, but the events of the last week are likely to force another rejection at the zero line, similar to the one we saw in March. It’s not a done deal yet, as the cryptocurrency market is trying vehemently to stay above the waterline, and its swift recovery could save Litecoin from a total demise in the eyes of retail traders by dragging it back above $60.

The daily chart provides a clearer understanding of the current struggle between the buyers and sellers in this market.

1-day LTC/USDT chart

Both parties have locked their horns and claws near the support at $47 and can’t seem to get out of the clinch. The price action takes place below both 50 EMA and 200 EMA, so the bears have the upper hand now. By sliding down beneath that level, Litecoin would open the floodgate for panic sellers and expedite its trip to $40, while the most aggressive sellers would try and push it to $35 or slightly lower, which could be the spot where the bulls would finally step in and reverse the price flow.

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): 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) Continues to Cede the Ground to the Bears
Litecoin (LTC) Continues to Cede the Ground to the Bears
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 60% 87 $28 953.50 -4.17% -3.67% $551 514 958 969 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 88 $1 929.37 -6.11% -6.26% $233 271 604 070 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $0.999062 0% 0.01% $73 206 337 226 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000165 0.02% 0.01% $53 264 489 963 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 88 $316.54 -3.99% 4.58% $51 683 254 368 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 58.4% 91 $0.397236 -6.29% -7.17% $19 203 606 558 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000278 0.11% 0.03% $18 328 809 687 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 56.4% 93 $0.502003 -7.81% -12.64% $16 943 898 369 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 58.4% 91 $48.07 -9.25% -12.69% $16 307 952 335 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 60.8% 90 $0.081327 -5.98% -8.79% $10 789 659 758 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 55.2% 90 $9.73 -6.72% -10.15% $9 613 488 110 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 56.8% 87 $28 897.59 -4.37% -3.70% $7 993 157 722 WBTC 7 days price change
13 TRON (TRX) TRX TRON predictions 73.2% 56 $0.079994 5.25% 13.91% $7 570 190 446 TRX 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 55.6% 93 $27.44 -12.43% -18.78% $7 390 659 271 AVAX 7 days price change
15 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999659 -0.06% -0.01% $6 569 292 513 DAI 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.

© 2015-2022 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.