- Trader Recommends Prayers for Litecoin After the Asset Forms a Major Bearish Trend Line
- Traders Should Expect a Bearish Exit
It is only a few days ago that Bitcoin, along with some of the major digital currencies including Ethereum, XRP, Bitcoin Cash, EOS, and Litecoin suddenly made gains after an uneven period for cryptos. This was on September 30. On that day the above mentioned digital assets suddenly roared back following a sharp sell-off the week before.
At the time Bitcoin’s price added 8% and was trading $8,500. While rivals Ethereum and EOS made jumps of 10%. Meanwhile Ripple’s XRP token, Bitcoin Cash and our focus for today, Litecoin all added 8% in what was a good day for cryptos. However, forward two days on, Litecoin price has taken a hit. Which has led a certain trader to urge the community to pray for LTC.
Litecoin Price Entered a Reverse Pattern Signaling the End of an Uptrend
Today, October 2, the price of Litecoin has created the “Head and Shoulders” pattern, which automatically signals the end of an upward movement. Now Trader CryptoThies, has called for prayers after noticing that the Litecoin price has formed the Head and Shoulders pattern via the three-day chart.
Litecoin (LTC) Price Today – LTC / USD
Normally the head and shoulders pattern tends to predict a bearish pattern reversal accurately. LTC’s brief peak periods in the months of March and September created the shoulders while the digital assets 2019 peak position which was reportedly registered on June gave rise to the head.
Traders Should Expect a Bearish Exit
According to the past and present statistical data, traders must expect a bearish exit in 93% of the cases. This can explain why it is only prayers that can save the digital asset at this point. According to an earlier report, Litecoin dropped to the number six position on CoinMarketCap after a recent market sell-off.
The price of LTC is currently changing hands at the $55.98 level as of press time. The coin recorded a 0.83% drop over the past 24 hours. The digital asset has total market capitalization of $3,566,581,578 and 24 hour daily trade volume of $2,250,174,356. LTC also has a daily market supply of 63,379,767 LTC.
Whether it will be worth the effort to invest in LTC for now remains to be seen. As we understand from the content, there isn’t a simple answer to that question because the market is always volatile. For now it is difficult to determine how LTC price could be in 24 hours or one month from now. We just need to watch the market.