Litecoin News Today – Litecoin Price Posted a Minor Slip – May 1st, 2020 

  • Litecoin LTC price has dropped slightly over the last 24-hours
  • The price of LTC dropped to the $47 mark as the bears took over
  • Digital currency commentators have warned that LTC’s price could see more losses

Litecoin news today – The cryptocurrency market is somewhat different from what it was only 24-hours ago. This time out, the price of Litecoin seems to have lost some steam as it dropped to the $47 mark. Litecoin price turned bearish and now analysts are expecting more losses to continue for the digital asset. This sentiment was seen among some of the other assets in the cryptocurrency market. Some mild losses shared among the top digital assets. EOS and Tezos both lost over 4% of their value in the past 24-hours. The price of Litecoin isn’t trailing far behind after the coin dropped by 2.38%. As of when this content was published, Litecoin price was trading at the $47.56 area. This is a minor correction and is still better than the low of $43.90 seen a few days ago. Recall that LTC was on the rise and just over $50 only hours ago.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$137.07

Litecoin news today – Litecoin’s Rise to $50 Was Triggered by the Hype Surrounding BTC’s Halving

The spike to $50 was a result of the excitement building as we edge closer to Bitcoin’s halving event. The event is scheduled for May 12, many members of the cryptocurrency community are expecting that the coin will undergo a price surge that is similar to what was seen during BTC’s previous halving event. Recently, Ryan Watkins, a researcher at Massari revealed that BTC is approaching the position of market dominance that it had during the 2017 bull market. It seems there’s an increase in demand for Bitcoin. This has taken its price above the $9,000 mark.

LTC News Today – Analysts Believe That Litecoin’s Price Isn’t Ready For a Rebound

Nevertheless, the price of Litecoin is correcting to a more realistic level. This, the theory was suggested by the cryptocurrency analyst known as btcboxbitcoin. The commentator said Litecoin’s price will likely continue it’s lost in the near-term outlook. According to the analysis, the price of Litecoin appears to be moving straight for the $44.93 price target with entry expected to be at $45.63. In addition to this, the analyst recommends that we put a stop loss at the final candle high at $47. The analyst known as the Trading Alchemist has also drawn a similar conclusion. After some nice growth rate, the analyst remarked that Litecoin has lost ground very quickly. The support of $45 buoyed the coins’ price and it rebounded to the $47 mark. Now, if the price of the coin drops into a descending triangle, it will likely post further losses, hence, investors must be cautious.

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.

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