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Litecoin price prediction: LTC slumps below $70, might hit $50

Litecoin price prediction: LTC slumps below $70, might hit $50

Litecoin hit below $70 following a massive breakout on Wednesday. The following looks at the technical side based on the Elliott wave theory.

August 30, 2019 | AtoZ Markets – The cryptocurrency market was valued $380 billion in mid-June 2019. Right now, the value has plummeted to $248 as revealed on Coinmarketcap. Litecoin was one of the top 2 gainers together with Bitcoin Cash during the 2019 bullish surge. Both are Hard Forks of Bitcoin. Litecoin movement often follows Bitcoin’s closely. It remains the 5th largest with $4.07 Billion in capitalization. 

August started with a dip below the $100 mark. Before the 1st week ended, there was a spike to $106.5. Meanwhile, the bearish run returned and it has been a fall after the other. At the start of this week, LTC was resisted above the $70 mark. There was no bullish trigger to cause a big bounce off this level. Instead, the price went sideways for nearly two weeks until it finally broke below $70. Currently, Litecoin is priced at $64 after a minor bounce from $62.

Litecoin analysis: important price levels

To the upside, the first level of interest is the sideway range region between $70 and $79. If the price should break above this zone into levels above $80, the bull might stage a sharp recovery. The next resistance level is at $106.5. To the downside, on the other hand, the break below the critical $70 support level has exposed LTC to further decline to the $50 handle which is also the 78.6% retracement of the December 2018-June 2019 price surge.

Litecoin price prediction: Elliott wave analysis

From the Elliott wave perspective, the current dip which started at $147 is completing a double zigzag pattern. Bitcoin correction is significantly shallower than what is seen on the Altcoins. The chart below was used in the last update.

There was a break downside as expected. The break below $70 meant that the 61.8% retracement level has been taken out. The next bearish target is the $50 handle as the new chart below shows.

A minor retracement to test $70 might happen but the current bearish correction is probably not yet over. Further decline to $50 is expected.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.