{"id":421345,"date":"2020-04-20T21:00:26","date_gmt":"2020-04-20T21:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=421345"},"modified":"2020-04-20T17:17:38","modified_gmt":"2020-04-20T17:17:38","slug":"this-major-crypto-is-poised-for-new-lows-in-2020-as-macro-structure-degrades","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/litecoin\/this-major-crypto-is-poised-for-new-lows-in-2020-as-macro-structure-degrades\/","title":{"rendered":"This Major Crypto is Poised for New Lows in 2020 as Macro Structure Degrades"},"content":{"rendered":"
2020 has been a particularly rough year for Litecoin, with the crypto closely tracking Bitcoin\u2019s price action and trading right around where it started the year at.<\/p>\n
Although LTC has been able to avoid declining over a year-to-date period, it has severely underperformed Bitcoin in the time following its capitulatory decline from its mid-February highs.<\/p>\n
Over a macro time frame one trader is now noting that he believes Litecoin is particularly weak and could be well positioned to set fresh lows in 2020.<\/p>\n
At the time of writing, Litecoin<\/a> is trading down just under 2% at its current price of $42.19, which marks a slight decline from daily highs of $44.30 that were set yesterday.<\/p>\n LTC is still trading up from weekly lows of $39 and has formed a tight correlation to Bitcoin<\/a> that has led the crypto to see short-term price action similar to that seen by most of its peers.<\/p>\n The cryptocurrency\u2019s macro trend appears to greatly favor bears, however, as analysts are noting that LTC\u2019s reaction to its major demand level appears to be a grim sign for what\u2019s to come next.<\/p>\n One pseudonymous crypto trader spoke about this in a recent tweet<\/a>, explaining that that the weakness of Litecoin\u2019s recent bounces indicates that there are \u201cmore tears to come\u201d in the coming months.<\/p>\n \u201cLTC \/ USD 1M TF – Look at Price action reaction to this demand level, \u2018V reversal\u2019 I personally don’t think so, each bounce is getting weaker and weaker, more tears to come over the coming months.\u201d<\/p><\/blockquote>\n