Litecoin LTC Headed For A $20 Position, Can The Bulls Salvage The Coin From Its Wreckage?
Litecoin has always been associated with Bitcoin for its shared attributes. The coin has even gone further to be dubbed bitcoin’s cousin. The association is because Litecoin is a peer to peer payment protocol and cryptocurrencies with a subtle difference in that it has a higher supply limit than bitcoin. Litecoin’s association with bitcoin has ensured success for it over the years and has seen it be widely adopted. But, its association with the crypto leader has been a double-edged sword. Especially in times when bitcoin prices have been struggling, Litecoin has been dragged right down with it.
In recent weeks, Litecoin, much like the wider market, has been feeling the effect of bitcoin’s recent bearish run.
Following bitcoin’s drop from highs of $6,500 to lows of $3,500, Litecoin has dropped from highs of $50 to lows of $23. The $23 position is the lowest the coin has hit in 2018 and holders will be hoping that the coin has finally bottomed at this position.
However, over the past couple of weeks, the market has shown that a bottom for most coins is not close. So, could Litecoin be heading for a $20 position?
At the time of press, Litecoin has dropped by over 5% in the last 24 hours and is trading at the $23 position. Today’s drop maps out a bearish momentum for the short term, a move that could see prices fall to $20.
Over the next couple of hours, the bulls will try to salvage prices and pull them back up while establishing a higher support level. If Litecoin was to slip below $23, this will set it up for a dramatic sell-off, worsening its position. In the long-term, Litecoin is still an asset of choice for any holder given its wide adoption, partnerships, and developments. But in the short-term, the high volatility in the wider market is sending investors the other way.
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