Litecoin (LTC) price appears to be doing well after reclaiming the $100 level as support. But this money will likely turn into gold while Bitcoin declines on the daily chart. Here's why.
Litecoin (LTC) price bows to bears
It was one of the biggest paid perks Litecoin price The upside lies in its strong correlation with Bitcoin. While the world's largest cryptocurrency remained consolidated or eventually observed a gradual recovery, Bitcoin saw a stable price movement, which was also reflected in LTC.
However, the coordination between LTC and BTC has decreased at the time of writing, from 0.89 to 0.7. This is not the best news for LTC, as historically low correlation has caused the altcoin to fall on the charts.
Adding to this downward trend is the daily active address divergence (DAA) measure of price, which indicates a downward trend. Generally speaking, when the price is low and investor participation is high, it is considered a buy signal.
However, the current state of metrics is that the price is high, but the active addresses are low. This means that the indicator is sending a sell signal, which is generally considered a major correction in price.
Hence the probability Litecoin price drop On very high charts, even Bitcoin might not be able to save the altcoin.
LTC price forecast: goodbye to $100?
Litecoin price, due to broader bearish signals, failed to secure a recovery today. During intraday trading hours, LTC rose almost 7.5% before losing it all to fall to $105.
Price indicators, the Average Directional Index (ADX) and Moving Average Convergence Divergence (MACD) are both bearish. The last indicator, a trend-following momentum indicator used to identify uptrends and downtrends, is also losing upward momentum.
On the other hand, the ADX managed to cross the threshold of 25.0 but will not maintain it. This means that an active uptrend will eventually fade and turn into a downtrend. This will cause Litecoin price to lose the $100 support and fall to $93.
However, if the $100 support holds, LTC will find some support to avoid a collapse and potentially rebound. A break above $110 would invalidate the bearish thesis, sending Litecoin price back to $115.
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