Litecoin price analysis 9 May 2019; bears ruling the charts

Litecoin is currently at a safe support level at the fifty day EMA but the short term outlook does not look so promising.

If the Litecoin and US dollar pair falls behind the fifty day EMA it is going to suffer a lot of damage because it has nothing to fall back on.

The sixty-one percent (61.8%) Fib extension level is expected to provide some sustainable support level but even that is a long shot and the prices will likely fall further below.

Litecoin price analysis 9 May 2019; bears ruling the charts 2Litecoin LTC price chart created with Trading View

Litecoin is expected to have rallied over the hype that it’s halving event near August 2019 arose. What many investors are overlooking is the fact that a lot of stuff can go down to turn the tables between the time till August.

The increase in market momentum has continued for a little longer than expected but a sharp decline in the same momentum is soon to make an appearance.

Litecoin price analysis 9 May 2019; bears ruling the charts 3Litecoin LTC price chart created with Trading View

When Litecoin and the US dollars pair were on the rise the market momentum was hesitant to decline and this caused Litecoin to surpass the leading Bitcoin sometimes.

This surpassing gave litecoin some golden chances to dictate the market. Many investors were dubbing litecoin the digital silver because of its performance similar to how bitcoin is dubbed as the digital gold.

Litecoin still lacks the potential to compete with the other blockchain projects that are initiating innovation and productivity in the crypto space.

Litecoin and Bitcoin Cash are often categorized to be of the same nature, disliked by the masses. Many perceive the Bitcoin to be a useless fork that is causing benefitting neither to the industry nor to the investor.

Litecoin and Bitcoin are supposed to be the scam coins that contaminate the crypto space and are meant to only put up a show of being better than Bitcoin.

As the market capitalization increases in the market, useless coins rallies are expected less. This should be enough for investors to make a worthwhile decision as to which coins are better to invest in.