What Is Litecoin Preparing After The 10% Drop: Is It More Losses?

The cryptocurrency market has suffered a lot over the past two days and we can see the February gains almost wiped off in many cryptocurrencies. As the market continues bleeding, we can see that BTC is in the $8,800 region since this morning and only a handful of coins have managed to escape the bloodshed.Today, what is Litecoin trying to do is shed a couple of more percent.

The cryptocurrency is obviously not one of the coins that is in a good position right now. At the time of writing, the Litecoin LTC price has dived by more than 6% and is right now at $62. As such, a lot of analysts have taken a pessimistic view on the price of LTC in the near term.

What is Litecoin analyst community trying to say about the LTC price now is the following…

In the Litecoin news, we can see that the holders want to see the price grow to $75.40 and the price will need to be fixed above the support level of $69.96. This breakthrough would coincide with a -100 on the Commodity Channel Index (CCI) which compares the current price with an average price over a period of time.

Still, if buyers fail to reach this level and sellers keep the price below the support level of $69.96, we could see what is Litecoin trying to establish. However, if the price drops, many will lose the optimism that they still have with the LTC price. In a scenario like that, further losses can definitely be expected.

The analyst David Smith was vocal with the LTC price, saying that it is going to get worse before it gets better. He also noted that what is Litecoin LTC price doing is losing its place in the horizontal marker – and is right now below the mid-level of the descending channel. Additionally, because Litecoin closed below the horizontal, the coin is now in a bearish engulfing which signals a pattern that indicates lower prices may be on their way.

While the overall sentiment is pessimistic, the crypto market is still very volatile. With a bit of luck, we might see a rebound before too long. At press time, the cryptocurrency news show that the market is vulnerable and exposed to a lot of risk.