Often termed as the silver to Bitcoin's gold, Litecoin has been attempting for years to become the closest alternative to Bitcoin. Late last year, Litecoin suddenly received a major spike in its price when it reached $366 in mid-December. The cryptocurrency has since been on a constant decline. As of this writing it's price stands in at $182 (a fall of over 50%) - with another major fall in sight.
Market experts have been quickly moving away from Litecoin as they fear that a major market corrections is due. The currency's prices have been falling so far because of the general trend in the markets and another crash is coming. This market correction is likely to drop down the prices of this 'digital silver' cryptocurrency down to as low as $70!
As per Tradingview analysts, the currency is expected to grow for the next couple of days till it reaches the $230 level. Beyond $230 however, a significant fall is expected and an almost week-long decline is expected during which the currency will fall down to 1/3rd of it's value! Take a look at the graph below which indicates this fall in the Litecoin Price with a light blue line:
[caption id="attachment_2590" align="aligncenter" width="1199"]
(LTC) Litecoin price technical analysis indicates a maojr drop | Image; tradingview[/caption]
A small gain is expected in the prices which is marked by 'pullback' in the graph. It is falling this one final peak that the markets are expected to enter into a sudden crash. It is critical to understand that not every drop is a crash. Monero too, is expected to face a sudden drop in price - but that is likely to bounce back higher almost immediately while Litecoin's crash will slow down the growth indefinitely.
Those trading in Litecoin should ideally set their targets at $215 and $230 - and once each of these are clocked, set up very close stop-losses to prevent any damage during the fall in the prices.
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: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions - which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.