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Litecoin price analysis: LTC / USD test waters below $ 50.00 as the crypt ship is sinking

  • LTC / USD falls below $ 50.00 briefly following another sale on the cryptocurrency market.
  • Panic is deepened with numerous apocalyptic comments.

Litecoin, the seventh-largest digital asset with a market value of $ 2.95 billion, is changing hands to $ 50.00 after a brief decline to $ 48.71 during the early Asian hours. LTC lost 3.5% from the start of Wednesday and almost 7% on a daily basis following the upturn in the downward trend in the cryptocurrency market. The average daily trading volumes of the currency are set at $ 289 million.

Litecoin Technical Framework

Technically looking, a sustainable break below the $ 55.00 handle darkens the picture as the below-$ 50.00 collapse becomes even more likely . While the currency has managed to recover from the aforementioned level, downward 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 move above $ 53.00 (SMA50, 1 hour) and a follow-up of up to $ 55.00 critics [19659004] Is the crypt ship sinking?

The traditional crypto-catastrophists add fuel to the fire, saying that we have what we deserve as Bitcoin, Blockchain and Co. are nothing but a huge bubble.

Nouriel Roubini, the boy who predicted the financial crisis, is famous for his open criticism. He is probably happy to see that his predictions are coming true … again.

"Blockchain is the most exaggerated technology ever! The total fraud in the Crypto-currencies area, but blockchain is the biggest bomb ever …" – is one of his most recent tweets.

However, even the most neutral observers become skeptical, especially when they see the first users and the enthusiasts of the encryption "vote with

" The 29-year-old head of the world's largest hedge fund has his personal currency bank in hard currency, and many of its earliest investors have been cashed but it should be absolutely HODL, "wrote WSJ Tech columnist Christopher Mims in a commentary on a boy's story, as did a fortune with managing a cryptocurrency fund [19659009] LTC / USD, 1 hour chart

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