Crypto News

Is Litecoin Leading the Crypto Market Back Toward 2015 Prices?

Litecoin is known for often being among the first altcoins to begin to see growth or decline after a period of sideways trading.
Following the recent crash that shocked the crypto market, Litecoin has started to move once again and may be leading the market toward a devastating crash back to prices not traded at since 2015 – long before the epic bull run that put crypto on the map first began.
Litecoin Leads the Path Toward Return to 2015 Prices
Litecoin often leads the way. Which way that is, depends on the current market structure, sentiment, and a number of other factors.
In early 2019, Litecoin led the market toward a recovery, fueled by the asset’s halving. In 2020, once again, Litecoin was among the first altcoins to rebound from lows and go on to set new local highs.
Related Reading | Crisis Impact: Most Assets Returned to 2016 Prices While Bitcoin Holds Strong 
However, after those highs were tapped, Litecoin and the rest of the cryptocurrency market experienced a bloodbath alongside the stock market, precious metals, and more, as investors cashed out liquid assets into cash to prepare to weather a coming economic storm.
Litecoin may now be leading the path for the rest of the crypto market toward prices that haven’t been trading at since prior to the 2017 cryptocurrency bull run and hype bubble.
Prior to the crypto bubble, Litecoin traded at prices under $10. The level could be the final target of the coming Litecoin drop, according to one crypto analyst.

$LTC leads the crypto market they say..😶
— The EW Guy (@TheEWGuy) April 1, 2020

Elliott Wave Theory Points to Deeper Correction Before Incredible Upside
According to one crypto analyst’s take on Elliott Wave Theory and how it applies to LTC/USD price charts, the cryptocurrency is currently mid-way through wave B in an ABC corrective pattern.
The target for wave B puts Litecoin back under $10, or prices that the asset traded at back in 2015.
Litecoin often leads the way for the crypto market, which suggests that Bitcoin and the rest of the altcoin market will be headed back to 2015 prices.
After the target is reached, however, cryptocurrencies will begin the C wave of the ABC correction, taking the price of Litecoin to over $3,000 per LTC token.
Related Reading | $50 Is Final Target For Ethereum Correction According To Elliott Wave Theory
Elliott Wave Theory is based on investors’ emotional impulses that often drive the price action in speculative assets. Few investor classes are as emotional or impulsive as crypto investors, making the practice especially accurate in predicting future price movements.
Most other financial assets have fallen back to prices from years ago. Will Elliott Wave Theory holds true and will Litecoin and the rest of the crypto market take a trip down memory lane and return to prices from 2015?
Featured image from Shutterstock

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Walmart China Subsidiary Teams Up With VeChain to Trace Food Products
VeChain has partnered with a Walmart China subsidiary to increase supply chain transparency for its food products. Sam’s Club,...
Analyst Claims “All Bets are Off” Once Bitcoin Breaks $10,500; Here’s What the Charts Say
Bitcoin has seen incredibly mixed price action in recent times, with its rally to $10,400 invigorating buyers while its...
Bloomberg Analyst: Why the Bitcoin Price Will Double to $20,000 in 2020
Bitcoin took a heavy beating yesterday after attempting to break past $10,000 for the first time in weeks. As...
Why an Eerily Accurate Analyst Still Expects Bitcoin to Retrace to the $7ks
After the $1,500 drop that Bitcoin sustained just the other day, analysts are reconsidering their bullish skew on the...
Roger Ver Donates $10K in Bitcoin Cash to Casa de Amparo Children’s Shelter
Just recently’s Roger Ver donated $10,000 worth of bitcoin cash to the charitable organization Casa de Amparo, a...
Analyst: Ethereum Bulls Still In Control at $240, Even Without “Real” Buying
After breaking out past $250 on June 1st, Ethereum saw a harsh rejection on June 2nd. The asset fell...

Featured Crypto News

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next
Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared...
Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade
Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central...
Coinbase Now Supports Tezos Staking Rewards for UK and Some EU Users
Major crypto exchange Coinbase is rolling out Tezos staking rewards for users in the United Kingdom and three European...
Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...