8th largest cryptocurrency by market cap, Litecoin is down along with the rest of the market at about $31 but a crypto trader is still expecting more lows.
“We must Remain Bearish…
Last week, Litecoin remained in the green for the most part as it went from $30 to $33.74 according to the data provided by Coinmarketcap. However, in the last 24-hours, Litecoin fell down in tandem with Bitcoin along with the majority of the crypto market, wiping out all the gains registered last week.
At the time of writing, Litecoin has been trading at $31.27 with 24-hours loss of 5.06 percent. LTC price is in the red by 1.67 percent in the BTC market as well. Currently at the 7th position with a market cap of $1.88 billion, Litecoin is managing the daily trading volume of $676 million.
Litecoin 7-days price chart, Source: Coinmarketcap
The question is where Litecoin price will go from here? According to Crypto trader Benjamin Blunt, more lows are incoming as he is expecting Litecoin to go down to about $27. He took to Twitter to share,
i still dont believe the december lows at $23 will be broken, but at this point we must remain bearish until we see a 5 wave rise from wherever it decides to bottom. pic.twitter.com/SlIjen42A7
— 🌲BenjaminBlunts🌲 (@SmartContracter) January 28, 2019
“Seeing as LTC was a leading indicator on the way up, it seems it should be one on the way down also. Current PA unfolding bearish with what I assumed was an impulsive rise has now materialized into a corrective expanded flat so i’m anticipating a fall back to at least 27.50.”
A few hours after that, he further stated that though he isn’t expecting Litecoin price to broke the December low of $23, he remains bearish nonetheless.
“Right on que. LTC and BTC falling in an impulsive decline after that expanded flat was completed. I still don’t believe the December lows at $23 will be broken, but at this point, we must remain bearish until we see a 5 wave rise from wherever it decides to bottom.”
Just last week, Litecoin moved onto adopting its new Blue Logo and Private Swiss-based bank Falcon also announced support for selected digital assets including Litecoin, Bitcoin, Bitcoin Cash, and Ethereum for its private and institutional clients.
Falcon has become the first private bank in Switzerland to do so that also provides the conversion between fiat and crypto that will make blockchain assets “fully bankable.”
“Falcon has once more seized the opportunity to demonstrate its expertise as a market leader in the digital assets space by merging traditional private banking services with innovative financial solutions,” said Martin Keller, CEO of Falcon Private Bank.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.