- Litecoin price may be leading digital assets to 2015 price levels
- Deeper correction may happen before any huge upside movement
- We expect a more positive price trend for the market as a whole after Litecoin begins rally
Litecoin news today – LTC is known for being one of the first altcoins to start seeing growth or heading backward after an extended period of sideways trading. After the recent crash caused by the coronavirus, Litecoin price has now started to move in a way that indicates that it may be leading the cryptocurrency market to a devastating crash. There is a strong chance that all assets may be dragged to the prices last seen in 2015. At the time we had not seen the epic bull run that took BTC price sky-high and put the entire crypto market on the map.
Litecoin (LTC) Price Today – LTC / USD
Litecoin News Today – Litecoin Drags Digital Assets to 2015 Price Levels
Litecoin often follows BTC or leads the way if Bitcoin fails to do so. Whichever way it takes will depend on the present structure of the market, overall sentiment, and several other factors. In the early part of 2019, Litecoin led cryptos toward a recovery. This rally was fueled by it’s halving. Since 2020, Litecoin has been among the first tokens to rebound to new highs. However, after reaching highs, Litecoin and the crypto market experienced another bloodbath alongside traditional markets. Litecoin might now be leading the way for the market to reach prices that haven’t been posted before the 2017 bull run. Before the crypto bubble, LTC price traded under $10. Experts are speculating that this level might be LTC’s final target from the forthcoming LTC drop.
Litecoin Price Prediction – Deeper Correction May Happen Before any Huge Upside Movement
One crypto analyst believes LTC price will undergo a deeper correction before any upside price action following an analysis of the Elliott Wave Theory. He considered how this will apply to LTC/USD charts. LTC price is now mid-way through wave B as it heads towards an ABC correction. The expected target for wave B will see Litecoin price back under $10. Litecoin usually leads the way with BTC. Hence, the rest of the digital currency market will head back to 2015 price points. After this target has been reached by LTC, cryptos will enter the C wave of the ongoing ABC correction which could take the price of Litecoin to over $3,000. Note that the Elliott Wave Theory is decided based on investor emotional impulses that usually drive price actions in speculative assets. A small number of investors are as emotional as crypto investors. They have can accurately predict future price movements for digital assets.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.