Litecoin, the silver counterpart to Bitcoin as digital gold, is often a leading indicator across the crypto market.
If one particular Litecoin chart is accurate, it could be signaling an epic plunge in altcoins against Bitcoin in the coming months.
Litecoin Leads the Way in Crypto, But Is It Toward an Epic Plunge?
Ever since the crypto bubble popped, altcoins have been falling in value to absolute extremes.
As much as 99% of the value has been completely erased from many top altcoins that were all the rage at the height of the bubble-induced irrational exuberance.
Related Reading | Litecoin Gains 10% Against The Dollar, Is This The Start of an Altcoin Rally?
At the start of last year, altcoins like Litecoin and others showed a glimmer of hope that their woes were reversing.
Buzz surrounding Litecoin’s halving last year helped cause the altcoin to rise as much as 600% at its highs.
During this time, Litecoin led the crypto market into a reversal. But the reversal was later dominated by Bitcoin, which went on a parabolic rally from April 2019 to June 2019.
The monstrous rally in Bitcoin absorbed more of what little remaining value from the altcoin market, including Litecoin, which fell back to a low of around $35.
Not only did Litecoin lead the original rally, but it also led the market in decline following Bitcoin’s rally.
Once again, Litecoin has been leading the market, causing other altcoins to break out from downtrend resistance and help propel even Bitcoin to local highs.
The crypto market is convinced a new uptrend is forming, however, this may only be true for Bitcoin.
LTC/BTC Chart Shows Multi-Year Head and Shoulders Top
According to the LTC/BTC price chart, Litecoin could be forming a massive, multi-year head and shoulders top that could cause serious destruction to not only the value of Litecoin, but the entire altcoin market.
Altcoins typically rise and fall in tandem, and heavily rely on Bitcoin’s trend to dictate overall direction. However, oftentimes Bitcoin’s rallies cannibalize altcoins as a result of FOMO from one crypto asset to another.
Head and shoulders top targets are typically measured by the height of the head from the base of the trend line. This would result in an over 70% drop in Litecoin against Bitcoin on the LTC/BTC trading pair.
It also could mean a significant drop further in altcoins across the board, as Litecoin has historically acted as a leading indicator for the rest of the market.
Related Reading | Litecoin Lights Path To Crypto Market Bottom, Halving Nothing but Hype
Head and shoulders tops often also often result in a strong throwback to support turned resistance as can be seen in the chart examples above. This throwback would explain the current bullish rally, but would ultimately cause the rally to fail as a bearish retest before an epic plunge deeper. The post appeared first on NewsBTC. origin »
LTC formed a bearish flag at press time, indicating further nosedive despite the recent plunge.
Long-term holders were liquidating their positions.
Litecoin [LTC] was one of the top cryptocuThe post Rough patch for Litecoin? Predictions suggest another price plunge appeared first on AMBCrypto.
Litecoin's descent started on 24 September, where it noted a free-fall by 35.85%. This fall resulted in the price of the coin to plunge from $79.92 to $51.27, following which it reported another drop The post Litecoin's descending channel breach may lead coin down recovery path appeared first on AMBCrypto.
After dropping significantly last month, the cryptocurrency market took another plunge downwards. Let’s take a look at some of our favorite cryptocurrencies – Bitcoin, Ethereum, Litecoin – and see if the charts tell us anything.
By CCN Markets: Litecoin’s price action has been less than stellar as of late. After posting a 2019 high of $146 on June 21, the cryptocurrency succumbed to heavy selling pressure. Today, August 22, Litecoin dropped to as low as $70 for a plunge of over 50 percent in two months.
Bitcoin is in the spotlight once again after Bakkt was granted the first approval from the CFTC for physically-settled Bitcoin futures. As the pioneer cryptocurrency takes the attention from the market, most of the altcoins have been left behind even plummeting to new yearly lows.
The price of Litecoin [LTC] recorded a sudden and significant plunge of over 5% an an hour on July 19. The Litecoin community on Twitter predicted a falling wedge forming in the short-term, with many online now speculating that the coin may fall to the $51- $58 mark, by the time of its halving in […]
The post Litecoin takes a nosedive; falls by 5% in an hour as falling trend takes over the charts appeared first on AMBCrypto.
47 days before the 2015 block rewards reduction, Litecoin’s value began declining with a 70 percent pullback following a 590 percent surge. Now, only 45 days away from this year’s halving after a 540 percent gain, LTC is showing signs that a correction is underway.
The price of Bitcoin just took a plunge down under $7,000 BTC/USD on Coinbase only to recover very quickly to around half of what was lost to around $7,350: The crypto market cap peaked at $263 billion and is currently at $225 billion.
Winklevoss Capital’s Sterling Witzke claimed that institutional investors are not yet ready to take the big plunge into crypto. Do the charts support this outlook?
Despite the market-wide price plunge last year, cryptocurrency trading volumes have actually increased in 2018 vs 2017. Do the charts reflect the improving fundamental indicators of crypto?
On Dec 17th, our team at EWN reported on Litcoin’s standing-out performance during which the counter-part of Bitcoin welcomed double digit gains when all virtual assets were victims of the market plunge.
The early months of 2018 turned out to be quite interesting as far as the crypto universe was concerned. For the very first time since inception, ETH (Ethereum) managed to surge above the one-thousand-dollar mark.
The Flappening During 2018’s earliest months, as Ethereum (ETH) surged above $1,000 in a surprising turn of events, many began to expect for the platform-centric cryptocurrency to overtake Bitcoin (BTC) — crypto’s undoubted leader — in terms of market capitalization.
Over the past day, Bitcoin, Ethereum, and the rest of this nascent market have finally shown signs of recovering after the nearly 10% drawdown seen over the weekend. Per data from Coinmarketcap, ETH is up 6.
Bitcoin price is consolidating ahead of what most expect to be a major move – one that’ll set the trend for the coming months ahead and depending on the direction could confirm Bitcoin’s next bull run is here.
