Litecoin Price Analysis: A $20 LTC Come 2023

Litecoin Price Analysis A $20 LTC Come 2023

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

Quick Take

  • Litecoin price is down 85% from all-time highs.
  • LTC could be unfolding a macro impulse wave headed south.
  • A daily close above $75 could invalidate this bearish thesis.

Litecoin price shows the possibility of a massive capitulation event in the coming months.

Litecoin price is a heavy gamble

Litecoin price has been in a severe downtrend since May of 2021. A potential Elliot Wave count for the LTC price suggests the last 15x Bullrun between March of 2020 and May of 2021 was the 5th wave of a larger degree. This is quite a controversial call, as many analysts always expect wave 5 to surpass wave 3. This is not the case.

Litecoin price currently auctions at $56.85. The sharp decline after the $413 high in May was accompanied by extreme force. The Litecoin price lost 82% of its market value as the token fell in a free-fall fashion. When observing the decline, few factors suggest Litecoin is now within an extending wave 3 of a larger degree headed south.

ltc-chart
LTC USD

For one, the Relative Strength Index breached the definitive line in the sand, which justifies calling the downtrend a corrective wave. The Volume profile shows a severe uptick in transactions greater than Corona Virus Induced 15x Bullrun. When combined, LTC, at best is too risky to jump in early. At worst, a ticking time bomb set to bring investors an explosion of pain.

For the chart heroes who disagree, it is understandable. No one wants to hear that their favorite coin is a Wall Street rugpull. This thesis also proposes that the wave count will be invalidated if the bulls can conquer the $75 region with a final daily settlement. Such a move could prompt a Bullrun targeting $144, which would result in a 150% increase in price while only missing the first 32% of the prospective bullrun.

Disclaimer
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About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.