Bitcoin and Crypto Markets Continue Their Slide…But Why?!
Litecoin is trading more than 40% lower than pre-halving local highs. But according to an ominous-sounding technical analysis signal, LTC could have a lot more decline ahead.
Key Points:
- The Litecoin block reward halving resulted in very little upside.
- The recent post-halving crash is partly due to the disappointment from the halving.
- Bitcoin’s broader market correction is also contributing to the decline.
- A death cross has formed on daily LTCUSD price charts, indicating a potential downtrend.
- It is unclear whether the death cross is a market whipsaw or a forewarning of a dangerous trend change.
Hot Take:
The death cross formation on Litecoin’s daily charts is a concerning signal for investors. It suggests a potential downtrend and further decline in LTC’s value. However, it remains to be seen if this is just a market whipsaw or a genuine trend change. Traders should closely monitor the situation and consider the possibility of a golden cross nullifying the bearish outlook.