The Coronavirus market crash that caused a mess on both traditional and crypto markets, prevents Litecoin from recovering further. LTC is having a hard time recovering and it is falling behind on Bitcoin and Ethereum as we are about to read more in the upcoming Litecoin news.
Bitcoin and Ethereum have regained the losses during the Coronavirus market crash while Litecoin seems to be having a fall behind after dropping to $50. LTC risks losing the $40 psychological support but the weekly charts printed a falling wedge and offered some hope for the investors. Some crypto traders and investors realized there is a certain sense of consolidation with regards to the price movement of Litecoin as LTC dropped from $64 to a low of $25. LTC is valued at $46 at the time of writing.
Doing a similar analysis on both Bitcoin and Ethereum during the coronavirus market crash, we can see that Bitcoin dropped from $9,100 to $3,700 during March. The current value of BTC is 103% of the pre-crash price while Ethereum dropped from $250 to $87 during the crash. Litecoin seems to be lagging behind both ETH and BTC. The MFI is neutral and will provide more steam for consolidation. The current price of LTC at $46 is below the 50-day, 100-day, and 200-day moving averages. The short-term support zones are standing at $43, $41, and $39.
However, if you zoom out a little bit and see the Litecoin charts more closely, there is some hope for the asset. The crypto asset seems to be getting into a falling wedge. If this wedge resolves to the upside, LTC has a bigger potential of retesting the February peak of $85. With all of the technical analysis of the altcoins including LTC, the traders and investors should keep an eye out for the next price action of the number one crypto on the market – Bitcoin. Larger moves by BTC in either direction has a negative effect on all altcoins and also, stop losses are advised to protect the trading capital.
It is essential to keep an eye on the price of the asset in the following days as the coronavirus pandemic is still ongoing and causes many issues in both crypto and traditional markets.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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