At the moment, 2020 cannot be called unsuccessful for Litecoin. At least one of the main altcoins in the industry follows the dynamics of Bitcoin and is now trading at the beginning of the year.
LTC rate dynamics in 2020
Despite the fact that the LTC asset managed to avoid a significant correction for the interim results of the year, it significantly weakened relative to BTC after falling from the highs of mid-February.
One of the analysts notes that the charts of the higher altcoin timeframes look especially weak, and therefore traders and investors should expect an update of intra-year lows below $ 30.
Litecoin may depreciate: charts reflect LTC weakness
Today Litecoin is trading around $ 40, which is 5% lower than yesterday. At the same time, altcoin recovered relative to the lows of the previous week about $ 39. At the moment, LTC, like many other coins, follows the dynamics of the leading cryptocurrency.
However, the macroeconomic picture on LTC charts looks negative. Analysts note that the reaction of the cryptocurrency to the main level of demand seems a gloomy omen of what will happen in the future.
Yesterday, the crypto trader Trader Escobar noted the weakness of the latest Litecoin rebounds from the most important support level on the monthly chart. According to the analyst, this is a signal that “In the coming months, more tears await us”:
Analysis of a younger, but equally significant timeframe does not provide bulls with hope. According to the same analyst, altcoin can update the lows of 2020.
Trader Escobar explained that in the near future, the cryptocurrency may bounce again, but the monthly timeframe chart indicates “The inevitability of new lows in 2020”:
On the chart of the younger [12-hour] timeframe, you can make money trading in both directions. But the main conclusion of the analysis of the monthly chart is that new lows look inevitable in 2020.
It is noteworthy that the trader also adheres to a bearish point of view regarding the future of the leading cryptocurrency, while recognizing that in the long term, Bitcoin will update historical highs: