Litecoin Nears the Bearish Point after Falling on Tuesday

Litecoin fell sharply on Tuesday, losing 14% during the 24 hours. The crypto lowered further on Wednesday, shedding an additional 14.29%. It was trading at $49.72 at last. However, Litecoin wasn’t alone in its downfall. The cryptocurrency market suffered many losses during the last few days. Bitcoin also declined, dragging the other currencies alongside.

Analysts hope that the halving will help the Litecoin to gain again. However, it’s not clear when that will occur. Currently, the correlation between the Bitcoin and Litecoin shows that LTC will make it one of the worst-performing top ten digital currencies for the year, even though Bitcoin is losing more than 9.77%.

What do the experts say?

Analysts think that the crypto may lower further. Its strong association with Bitcoin makes it highly unlikely that Litecoin will gain in the short term. Analyst Eminence Grise also stated that Litecoin has depreciated through several of its support positions.

According to Grise, LTC’s price will probably fall to $47 and $50. It can even drop down as far as $43. Other experts also worry that Litecoin will collapse again.

The cryptocurrency market ended the last session in red, losing almost $30 billion from the overall market cap of the entire space. Bitcoin fell by 18% in the past two days, taking the value of the digital asset down as well as the rest of the cryptocurrency market.

Litecoin, Ethereum, EOS, Bitcoin Cash, and other major cryptos suffered double-digit losses. The experts speculated that the downfall was due to the coronavirus fears. However, some of them think that PlusToken scammers are also at fault.

They have been mixing up to 13,000 BTC to make them more difficult to track. After the news about their move spread, investors panicked. The result was the massive sell-off, which caused the fall of the cryptos’ prices.