Litecoin News Today – Litecoin LTC Price Went Down By 3% During the Last 24-hours, May 8th, 2020

  • The price of Litecoin dropped by 3% over the last 24-hours
  • Litecoin was the worst performer in the past 24-hours
  • Litecoin is set to post more lows in the coming trade sessions

Litecoin news today – A look at the daily chart for LTC/USD shows that the digital asset has gone down by 3% over the last 24-hours of trade. The digital asset is arguably the worse performer among cryptocurrency in the past 24-hours. It started the week well but later dropped out. Now the losses have carried on to the start of trade today as LTC price is down by 3% lower in the last 24-hours of trade. The Litecoin price is currently marking a second candlestick consecutively since it declined by 0.44%.

Litecoin (LTC) Price Today – LTC / USD


Litecoin LTC Price Prediction – Litecoin Price Came Down by 3%

Recall that Litecoin outperformed the top five digital assets only hours ago before dropping by 3.33%. This price action completed the 4th consecutive day for the bears to take back control of LTC. The changes in price came despite Litecoin price staying up only days ago. Here is an analysis proving that Litecoin is the worse performer over the last 24-hours: the LTC/USD daily chart shows that the price of Litecoin got close to its 20-day moving average which is located at the 44.84% fib retracement area. This could be an important juncture along with the timeframes. The current price pattern that traders expect to see is strongest on the 90-day Moving Average. Over this period, the price of Litecoin was moving downwards. Meanwhile, there was also a trend in a similar direction forming via the 30-day Moving Average where the price is heading to.

Litecoin LTC News Today – Litecoin Price is Set for More Lows In the Coming Days

If the traders stick to trading within the primary pattern, this could be a huge opportunity to sell out all rallies created by the counter-trend. Per the LTC daily price chart, we can see that things could change at any time for Litecoin. For example, the implementation of the MW privacy enhancement to the Blockchain network may likely improve the coins’ usage and drive adoption. However, another factor that can influence the price action in the coming days is the long-awaited Bitcoin halving event. Of course, when we go by history, we can see that when BTC last went through a block reward halving the market responded positively and most assets posted record highs. Hence, even though experts expect the price of Litecoin to drop further, it is safe to say that nothing is set yet as things can change and get better at any time.

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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