Crypto currency markets continue to see red as BTC unfortunately lost the $69,000 level. Bitcoin needed to maintain $69,000 for a larger rally but failed to do so. Continued outflows from ETFs and resistance from highly profitable investors have made it more challenging, leading to a price correction and dragging down altcoins.
Litecoin (LTC)
LTC, one of the largest PoW altcoins, recently fell below $100 and continues the day with a 5% loss. Known as digital silver, LTC has shared a strong correlation with BTC for years. This correlation was one of the reasons for the recent surge.
However, the LTC and BTC correlation is weakening at the time of writing. Altcoins that have lost more than BTC have historically increased their losses after such movements. Investors who have experienced periods of weakening correlation remain cautious for this reason.
The Daily Active Addresses (DAA) metric also signals a downturn for LTC. If the number of active users on the network is low and the price is softening, it indicates the potential for a deeper price correction. Even though we are entering the halving month, investors expect stronger price corrections as BTC has been steadily increasing for months.
LTC Price Prediction
The ADX and MACD indicators show a downward trend. The price fell below $100, and Bitcoin lost the $69,000 level. All these factors indicate that the LTC price drop is based on reasonable grounds. If the current bearish sentiment continues, we could see sales down to $93 and even $80.
For an optimistic scenario, BTC needs to reclaim the $69,000 level and continue targeting $73,777. There is a lot of macroeconomic data to be seen this week. On the other hand, ETF entries are not very exciting. This is causing investors in altcoins like LTC to convert their gains into cash according to their medium and short-term goals.
If the $100 breakout area can be reclaimed, LTC prices will have held onto a strong level to prevent a collapse, bringing $110 and $115 targets into play.
