Litecoin managed to shred around 12% in the last 24 hours and is now struggling to somehow maintain a steady support level at $104 but there isn’t much to hope for in the future.
Looking at how the coin managed to break the 30-day trend indicates that its short term predictions have gone bearish and don’t look to be going bullish anytime soon before the BTC market dominance is not over.
At the moment, thanks to the fact that Bitcoin is relatively Ok at the $11,500 price levels, the market managed to take a small breather, but there’s worse to come.
Analysts are warning that Bitcoin has the tendency to drop after massive consolidations, which is true. And therefore many are saying that BTC could drop as low as $8,600 within the week, taking most of the market with it.
In that “most of the market” Litecoin could prove to be the biggest loser, falling to around $80 in the best case scenario.
As already mentioned it’s expected that LTC will continue the market trend at the moment. Although the fall has halted for a moment, all indicators show that LTC is a sell position right now.
Pairing that up with the fact that Charlie Lee said that halving hype should have already started, it paints a terrible picture for what’s to come during the remainder of the day for LTC plus tomorrow.
The only positive info right now is that the occasional weekend consolidation could happen.