Litecoin Crypto Analysts Warn LTC Could Suffer More Losses

Litecoin crypto analysts warn that the altcoin could drop by more than 14 percent and suffer further losses so what is Litecoin trying to do to save itself from the losses? Let’s read more about it in the upcoming LTC news.

The digital assets market continued to drop after the losses of yesterday and things are starting to look bad for the crypto asset LTC. The correlation between LTC and BTC means that even though the price of BTC retreats more from the $8,000 area, the price of the asset will become one of the worst-performing top ten digital currencies in 2020. What is Litecoin been going through can clearly be seen in the charts since the price of the asset was trading at $49.72 but later lost more than 14 percent in one day? Many of the Litecoin crypto analysts wonder when will the Litecoin halving happen because they believe that the event could be of help for the asset.

The losses that LTC experienced but also for the rest of the market, started during the weekend after more than $30 billion shredded from the entire market cap of the space. Over the past two days, Bitcoin declined by 18 percent which took most of the value of the cryptocurrency but of the market as well. Most of the major altcoins such as Ethereum, Bitcoin Cash and EOS are posting double-digit losses and the reason is quite unclear yet, with many speculating that the price drops are coming as a result of the coronavirus pandemic.

We should not be surprised that the Litecoin crypto analysts suggest that Litecoin’s price short-term prediction will likely remain the same which is a bearish prediction. Eminence Grise suggested that since LTC has dropped over several of the positions it is highly unlikely that we will see the price of the asset at a recovery short term any time soon. The analysts believe that the price of Litecoin will drop to $47 and $50 with some insisting that there could be a drop to $43.

A good number of crypto analysts have already spoken about the cause of the market downturn and even warned the users after giving theories about the cause of the bear sentiment on the market. One blockchain researcher under the name of Ergo gave his suggestion about the situation and claims that the PlusToken scammers were mixing more than 13,000 BTC to make it more difficult to track.