Every Litecoin holder just had their Monday start in an even worse situation as the coin couldn’t manage to hold Sunday’s high of $91 and fell back to $86 today, introducing yet another bearish trend for the short term.
It is now being traded below the 21 EMA and 50 SMA. When it comes to the perspectives of Litecoin breaking the $90 it’s quite unlikely but still realistic.
After the halving, the massive drop was anticipated, which allowed the bulls to enter and exit the market in a fast-paced nature, causing a massive fluctuation.
Right now, it seems that LTC is adjusting to its former position, aka pegged to the BTC.
Although we say in this Litecoin price analysis that the coin is basically pegged to BTC, it’s undeniable that this weekend it had independent volatility.
It could be derived from the fact that many Bitcoin holders are speculating on its ability to maintain the $11,000 support level.
At this point, Bitcoin is very unlikely to fall below that support level, therefore making it even less likely for LTC to see a sudden surge any time soon.
Right now, Litecoin remains bearish until further notice, and that notice is likely going to be BTC’s jump towards $14k.