Litecoin is understood for occasionally being among the many first altcoins to start to see development or decline after a interval of sideways buying and selling.
Following the current crash that shocked the crypto market, Litecoin has began to maneuver as soon as once more and could also be main the market towards a devastating crash again to costs not traded at since 2015 – lengthy earlier than the epic bull run that put crypto on the map first started.
Litecoin Leads the Path Towards Return to 2015 Costs
Litecoin typically leads the way in which. Which approach that’s, is determined by the present market construction, sentiment, and quite a few different elements.
In early 2019, Litecoin led the market towards a restoration, fueled by the asset’s halving. In 2020, as soon as once more, Litecoin was among the first altcoins to rebound from lows and go on to set new native highs.
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Nevertheless, after these highs had been tapped, Litecoin and the remainder of the cryptocurrency market experienced a bloodbath alongside the stock market, precious metals, and more, as traders cashed out liquid property into money to organize to climate a coming financial storm.
Litecoin could now be main the trail for the remainder of the crypto market towards costs that haven’t been buying and selling at since previous to the 2017 cryptocurrency bull run and hype bubble.
Previous to the crypto bubble, Litecoin traded at costs beneath $10. The extent may very well be the ultimate goal of the approaching Litecoin drop, in line with one crypto analyst.
$LTC leads the crypto market they are saying..😶 pic.twitter.com/mvTJ1WrVOF
— The EW Man (@TheEWGuy) April 1, 2020
Elliott Wave Idea Factors to Deeper Correction Earlier than Unbelievable Upside
In keeping with one crypto analyst’s tackle Elliott Wave Theory and the way it applies to LTC/USD worth charts, the cryptocurrency is presently mid-way by wave B in an ABC corrective sample.
The goal for wave B places Litecoin again beneath $10, or costs that the asset traded at again in 2015.
Litecoin typically leads the way in which for the crypto market, which means that Bitcoin and the remainder of the altcoin market can be headed again to 2015 costs.
After the goal is reached, nonetheless, cryptocurrencies will start the C wave of the ABC correction, taking the worth of Litecoin to over $3,000 per LTC token.
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Elliott Wave Idea relies on traders’ emotional impulses that always drive the worth motion in speculative property. Few investor lessons are as emotional or impulsive as crypto traders, making the observe particularly correct in predicting future worth actions.
Most different monetary property have fallen back to prices from years ago. Will Elliott Wave Idea holds true and can Litecoin and the remainder of the crypto market make a journey down reminiscence lane and return to costs from 2015?
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