The pair LTC/USD on Sep 22 has declined lower than $50 in only a couple of weeks which mark indicates 50% loss since its all time high record price.
Being included in a general market crash is fair and acknowledged throughout the community, but dropping that low is an alarming signal and a reflection of no bullish trend to be seen. According to data from Coinmarketcap it is trading at $46.30 with about 10 percent loss in the last 24-hours.
In a weekly understanding The Silver to Bitcoin Gold has recovered only 6.62% compared to its rival for the fifth place based on market cap DASH which has climbed in the green positive zone for 32.06% in the last 7 days. On Sep 21 Dash did surpass LTC by market capitalization taking the 5th place and now following Ripple [XRP].
Litecoin’s surge and increase in climb majorly came from the mainstream factor being hit by Bitcoin and Ethereum which was channeled right to LTC as it’s tech-related upgrades and news were and are very promosing.
Coinbase did declare that litecoin and Ether will be included in its “Vault Service” – which would represent extra security for Coinbased-based wallets. This had no effect in the bigger picture and downward trend that litecoin has been experiencing lately.
On the hourly chart of LTC/USD, the 200 SMA is positioned at $33.52 which is very close to the last lowest a week ago on Friday Sep 15.
Even that any prediction for Litecoin or other Altcoins is very struggling to make in this market especially the time around – next the price could be targeting the 61.8% Fib Retracement level which is located at $40.01 since the last flow.
The dip on last Friday that was an opportunity to buy for bulls returning as a recovery momentum has already lost its energy around the 50 SMA.
On top of this a bearish trend-crossover as a near term moving average is colliding with a longer term moving average – the 50 and 200 SMA.