- LTC/USD dips below $50.00 briefly amid another sell-off on the cryptocurrency market.
- Panic deepens with abound apocalyptic comments.
Litecoin, the 7th largest digital asset with market value $2.95B, is changing hands at $50.00 after a brief dip to $48.71 during early Asian hours. LTC has lost 3.5% since the beginning of Wednesday and nearly 7% on a daily basis amid the resumed bearish trend on cryptocurrency market. The coin’s average daily trading volumes are set at $289M.
Litecoin’s technical picture
Looking technically, a sustainable break below $55.00 handle darkens the picture as the crash under $50.00 threshold becomes even more likely. While the coin managed to recover from the above-mentioned low, the downside pressure is still strong as bearish sentiments dominate the segment. The next stop will not appear before $45.00, followed by $35.11, which is the lowest level since September 2017. On the upside, we need a sustainable movement above $53.00 (SMA50, 1-hour) and a follow through up to critical $55.00
Is crypto ship sinking?
Traditional crypto doomsayers add fuel to the fire, saying that we’ve got what we deserved as Bitcoin, Blockchain, and Co. are nothing but a huge bubble.
Nouriel Roubini, the guy who foresaw the financial crisis, is famous for its open criticism. He is probably happy to see that his predictions are coming true… again.
“Blockchain is the most over-hyped technology ever! Crypto-currencies area total scam but blockchain is biggest baloney BS ever…” – that’s from one of his newest tweets.
However, even more neutral observers are becoming skeptical, especially when they see who early adopters and crypto enthusiasts “vote with their feet.”
“29-year-old head of world’s biggest crypto hedge fund has his personal piggy bank in hard currency, and many of his early investors cashed out but you should totally HODL,” WSJ tech columnist Christopher Mims wrote in a comment to the story about a guy how made a fortune on running a crypto hedge fund.
LTC/USD, 1-hour chart
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