The indicators are turning green for most of the cryptocurrencies as the cryptocurrency market looks steady. There has been no major dip or increase for any of the cryptocurrencies after yesterday’s fall. The coins are slowly recovering and now individual coins have to be analyzed to find out the current market trends. Bitcoin is currently poised at a neutral stage as the last 24-hour statistics show that the coin has neither gained nor lost, which is indicated by a green signal of 0%. This shows that the cryptocurrency market is seemingly steady as of now. The coin market capital is nearing to $260 billion as at 1:28 PM UTC, it is $259.749 billion.
We have gathered information regarding the sentiments of people from around the world by interviewing a group of investors, miners, journalists, skeptics, and influencers, and a carefully structure segment is created called the sentiment analysis. We have been analyzing the top 20 cryptocurrencies for many months now and each day different cryptocurrencies are analyzed. This analysis is focused on the 5th most popular cryptocurrency in the world that is Litecoin [LTC].
Litecoin, at 1:39 PM UTC was priced at $112.81 with a market capital of $6.319 billion. It coin is heading towards the critical support at $110 and is currently under pressure. Litecoin has to stay above $110 to avoid crashing down to $105.3 which may happen soon. The coin had touched $123 on Monday but due to the dip that was encountered in the market in general, the coin retraced back below $120 threshold. It dropped down to an intraday low of $112.52 and the coin is expected to fall down further against the US dollars.
Richard Wallace, a Litecoin investor from St. Petersburg says:
“We are in for a tough time ahead as the US tax deadline is coming up on the 17th of this month. The coin is barely holding to its support which will be broken soon. There are a lot of negative sentiments coming in for Litecoin and the coin’s future is in terrible condition.”
Jack Thompson, an altcoin miner from Manchester says:
“The coin is expected to fall to the swing lows of $88 during the second week of May. An immediate resistance is formed at $171.188 and the support is at $110. This support is very crucial for the coin as once this breaks it will be a heavy fall to hit the rock bottom.”
Peter Lawson, a stockbroker from New York says:
“Cryptocurrencies have gained attention so much so that the trends in the cryptocurrency market is affecting the stock market. The prices of the stocks are going down as more and more people are investing their money in cryptocurrencies. However, reports say that there can be a major reshuffling of the coins’ positions by the end of this year.”
To conclude, 75% of Litecoin respondents are bearish about the coin’s future as they are of the opinion that the prices will fall down further. However, there are chances for a reversal from that point. Another 25% of Litecoin enthusiasts are not bothered about the short-term trends of the coin and they see a bullish trend in the long run.
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