Despite the prevalent crypto carnage, Litecoin receded by a mere 0.74% in the last 24 hours. With the cumulative crypto market cap gravitating around $1 trillion, Litecoin’s ongoing price is $64. Might we witness Litecoin plummeting to $20?
Why are Cryptos Crashing?
Many large-scale factors recurrently affect the worth of digital currencies. Nevertheless, the recent announcement that companies under Elon Musk have shed a noteworthy chunk of Bitcoin has escalated the current market fall. This notable action by a key “whale” has further fueled the ongoing market worries.
Litecoin Price Analysis: What’s Causing Litecoin’s Decline?
In the ever-evolving and unpredictable cryptocurrency landscape, Litecoin has found a somewhat stable footing, settling at a price of $64. This price point showcases a subtle 24-hour contraction of 0.74%. However, when we extend our view to a week-long perspective, the scenario becomes more concerning as Litecoin experienced a significant decline of 23.40%. This dominant bearish undertow in the market has, at least for the time being, put a halt to Litecoin’s hopeful and previously anticipated bullish trajectory.
Litecoin Price Prediction: Is $20 in Sight for Litecoin?
Anticipating further descents requires recognizing forthcoming support realms. For Litecoin:
- Target 1: $55
- Target 2: $48
- Target 3: $40
Will Litecoin’s Price Go UP Again?
With the crypto sector in disarray, forecasting Litecoin’s potential rally is challenging. Revitalization depends on nurturing a buoyant market mood, spurring investments. Typically, post-crash, opportunistic traders re-enter seeking bargains.