Expert: Litecoin Primed for More Losses as Technical Strength Deteriorates

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Expert: Litecoin Primed for More Losses as Technical Strength Deteriorates

Litecoin’s current halving occasion had actually led numerous financiers and experts alike to think that it was poised for a big bull run throughout the 2nd half of 2019, however LTC’s dull rate action since late has actually liquified all the buzz that was formerly surrounding it.

Now experts are keeping in mind that the crypto is most likely to deal with substantially more downwards pressure in the near-future, in spite of the current bullishness that Bitcoin and numerous other altcoins have actually sustained over the previous couple of days.

Litecoin’s BTC Trading Set “Looks Awful,” Claims Popular Expert

At the time of composing, Litecoin is trading up almost 4% at its current price of $6920 however is presently trading down almost 1% versus Bitcoin.

Although Litecoin’s USD trading set has actually increased from lows of almost $60 to its present levels, it has actually been dealing with constant losses when denominated versus BTC and is likewise down substantially from its pre-halving USD highs of over $140

This current bearishness is revealing no indications of decreasing anytime quickly, and experts are now keeping in mind that it might dip substantially even more in the coming days and weeks ahead.

Recently, Huge Cheds, a popular cryptocurrency expert on Twitter, discussed LTC’s current rate action, keeping in mind that it presently has a strong assistance level around the lower $60 area that need to continue to hold strong in order for bulls to have a possibility at pressing it greater.

“$ LTC #Litecoin daily– Breaching assistance from completion of April,” he discussed while indicating a rate level that has actually given that held strong.

LTC May Continue Plunging if Bulls Fail to Step Up Purchasing Pressure

DonAlt, a popular cryptocurrency expert on Twitter, likewise shared his ideas on Litcoin’s current rate action, discussing that he thinks its near-term future versus BTC looks grim.

“$ LTC: Anything listed below red appear like death. Bulls can just hope that this is a shakeout. Trading back above red would make me more positive that it is. Jfc, this looks dreadful,” he discussed in a current tweet.

Additionally, while reacting to a user who questioned why it looks so dreadful currently, DonAlt even more included that Litecoin has actually broken listed below its key support levels that formerly held strong.

” Broke the only substantial assistance left. Is a huge timeframe head and shoulders. The favorable news (Cutting in half) entirely unimportant and disposed into. Lots of reasons this appears like shit, let’s hope it makes its method back above the red line,” he responded.

As Bitcoin continues to respond to its position right listed below $11,000, it is extremely most likely that it will grow clearer regarding whether LTC’s current bearishness is really simply a shakeout, or if more capitulation impends.

 Included image from Shutterstock.