Litecoin Price Is Poised For New Lows In 2020: Analysis

So far, we have seen that 2020 is not the best year for cryptocurrencies and a particularly tough year for Litecoin (LTC). In times when literally all markets are down due to the COVID-19 pandemic, the Litecoin price is poised for even more lows ahead.

If you follow our altcoin news and rumors, you probably know that the LTC cryptocurrency has been following the BTC price action quite closely and trading right around where it started the year at. Even despite LTC being able to avoid declining over a year-to-date period, it has severely underperformed Bitcoin in the time following the capitulatory decline from its mid-February highs.

Over a macro time frame, one trader is now noting that he believes LTC is particularly weak and that the Litecoin price is poised to set fresh new lows in 2020. At the time of writing, LTC is trading at $40..71 with a 5.23% decline from the daily highs of $44.30 yesterday.

The fact that LTC is still trading up from the weekly lows of $39 means nothing now, especially because it formed a tight correlation to Bitcoin which led the crypto to see short-term price action similar to that seen by most of its peers.

The macro trend of the cryptocurrency appears to greatly favor bears, however, as analysts are noting that LTC’s reaction to its major demand level appears to be a grim sign for what is coming next.

$LTC / USD 1M TF-

Look at Price action reaction to this demand level, "V reversal" I personally don't think so, each bounce is getting weaker and weaker, more tears to come over the coming months. pic.twitter.com/5iKJ1jpLn2

— ESCO₿AR. (@TraderEscobar) April 20, 2020

According to one pseudonymous crypto trader and his recent tweet, the weakness of LTC and its recent bounces indicates that there “are more tears to come” as the Litecoin price is poised for more lows in the coming months.

“LTC / USD 1M TF – Look at Price action reaction to this demand level, ‘V reversal’ I personally don’t think so, each bounce is getting weaker and weaker, more tears to come over the coming months.”

The bearishness is not unique to just Litecoin and its macro time frame, as the seventh largest coin by market cap is also showing immense signs of weaknesses in the short term. Anyways, the Litecoin news now show that we may see more drops in the coming days.

The trader also spoke about this in a later post, explaining that although it could bounce slightly higher in the near term, it is likely that Litecoin sets fresh lows in the coming months.

$LTC / USD H12 TF-

Looking at the LTF, there is money to be made as a trader in both directions. The idea of the 1M analysis is to show you my HTF views to Litecoin, new lows look inevitable in 2020. pic.twitter.com/0RWN02gm9o

— ESCO₿AR. (@TraderEscobar) April 20, 2020