- Litecoin LTC price is set to post new lows
- Macrostructure has degraded for the digital asset
- Litecoin LTC price has declined by 2% from the highs of $44.30 set yesterday
Litecoin news today – The year 2020 has been a very rough period for the Litecoin. The top ten digital asset has closely tracked Bitcoin’s price movement. The coin is trading at the exact point where it started this year at. Although the price of LTC has managed to avoid stopping in a year-to-date period, the value of the coin has severely underperformed like Bitcoin following its capitulatory decline. Now looking at the coin’s price action over a macro period one digital currency trader has noted that the price of Litecoin is in a weak position. He has also predicted that the coin could be positioned to post fresh lows during the months that make up the rest of this year.
Litecoin News Now – Litecoin LTC Has Intense Macro Weakness
As of when this content was written, the Litecoin price was trading down by 2% at $42.19, this position marks a minor drop from the daily highs it posted at $44.30 yesterday. The coin is still trading above areas higher than it’s weekly lows of $39. Litecoin price has also formed a tight correlation with Bitcoin. This has led the digital asset to see similar short-term price action to that of most of its peers. Litecoin’s macro trend greatly favors the bears. Analysts have noted that LTC’s reaction to the ongoing major demand level is a grim sign of what is to come in the future. According to one crypto trader, the weakness of LTC’s recent bounces is a sign that there will be “more drops for the digital asset in the coming months.” Here is how the trader puts it via a tweet:
Litecoin (LTC) Price Today – LTC / USD
“LTC/USD 1M TF. When you look at the price reaction to this demand area, ‘V reversal’ I believe each bounce will get weaker and weaker. Meaning, more tears will come for LTC in the coming months.”
Litecoin Price Prediction – Low-Time-Frame Action Suggests That LTC Could Set New Lows This Year
This bearish action is not necessarily unique to Litecoin’s macro time frame alone because the number seven biggest crypto by market cap is showing immense weakness in the short-term price prediction as well. This crypto trader also spoke on this situation with LTC in a later post. The trader said LTC could bounce higher in the near-term. This means that the chances of Litecoin setting fresh lows this year are high. Note that every digital currency price prediction isn’t set despite the views of analysts. Hence, traders and investors should follow market trends to make their positions. Whatever the case, the overall market action will play a role in Litecoins future price action.