Today will undoubtedly prove to be an interesting day for all cryptocurrencies and digital assets. Although the hourly charts signal more bearish momentum is coming, the daily chart still looks pretty solid. For the Litecoin price, however, things are not heading in the right direction. A current drop to $25 is in effect, albeit that may not be the bottom for today.
Litecoin Price Pressure Piles On
It is not uncommon to see altcoins go in the red when Bitcoin looks incredibly fragile on the hourly chart. Today, it would appear it is a matter of time until Bitcoin goes in the red again, although there doesn’t appear to be overwhelming pressure to make this happen. Instead, it is the altcoins like Litecoin which are feeling the pressure first. That is a bit worrisome, as those currencies usually show a trend which will hit the remainder of the market fairly soon.
In the past 24 hours, there has been a notable downtrend in the Litecoin price department. First of all, there is a 3% decline in USD value, which looks somewhat out of place under the current circumstances. Unfortunately for LTC enthusiast,s this loss primarily stems from a decline in the LTC/BTC ratio. A massive 4.2% deficit in this regard seems to confirm most altcoins will lose ground to Bitcoin fairly quickly.
When looking at social media, there isn’t too much activity pertaining to Litecoin right now. That is not entirely abnormal, as there are tons of other projects to be discussed as well. One interesting discussion is how Litecoin – as well as other cryptocurrencies, for that matter – can be a viable solution to avoid downtime caused by banks and financial service providers.
At the same time, there is still a lot of hope regarding a potential partnership between Amazon and Litecoin. As has been the case more often than not, these discussions serve no real purpose unless Amazon decides to effectively announce something along those lines. Right now, that is not the case, and there is no correlation between Amazon and Litecoin to speak of.
— Monk (@ValleyMonk) December 10, 2018
It would also seem there is a new crypto cloud mining service. As is always the case, these services need to be investigated thoroughly before entrusting them with money. This company seems to be mining Litecoin as well as other major cryptocurrencies. Always do one’s own research before trusting such companies, as most cloud mining providers have turned out to be scams in the end.
The current market circumstances would indicate the Litecoin price can dip below $25 in the coming hours. No major drop is to be expected right now, although there are still a lot of unknown aspects about the current market conditions. As such, traders need to be very cautious prior to making any financial decisions, primarily because the current momentum can easily swing either way in very quick succession.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.