Bitcoin and Crypto Markets Proceed Their Slide…However Why?!Litecoin is buying and selling greater than 40% decrease than pre-halving native highs. However in keeping with an ominous-sounding technical evaluation sign, LTC may have much more decline forward.
Litecoin Triggers Dying Cross After Halving Rally Failure
This month, the Litecoin block reward halving got here and went, resulting in little or no upside. The frustration is partly answerable for the depth of the current post-halving crash. The remaining is a part of a broader market correction pushed by Bitcoin.
The cryptocurrency has misplaced round 45% of its worth since late June. The fallout from all of the promoting has taken value beneath two vital shifting averages — which have since fashioned a dying cross on every day LTCUSD value charts.
A dying cross happens when the 50-day shifting common (50MA) crosses over the 200 day shifting common (200MA) from above. However what precisely is a dying cross and what does it imply for Litecoin?
One other dying cross. Is that this one the killer? | LTCUSD on TradingView.com
Does This Sign A Return To A Downtrend In LTC?
The dying cross is a bearish technical evaluation sign that tells buyers that the pattern is doubtlessly turning down. In distinction, a golden cross could be a bullish sign suggesting the market is poised to go upward.
The final dying cross in Litecoin resulted in a 30% rise and a golden cross triggered within the days that adopted. However now the lethal model of the sign is again once more on every day LTCUSD charts. And it might be again for blood.
What we don’t know but is that if the crossover is extra market whipsaw — a standard problem and limitation of utilizing shifting average-based buying and selling methods — or whether it is certainly a forewarning of a harmful pattern change. One other golden cross after this newest dying cross would as soon as once more nullify the bearish outlook.
Importantly, LTCUSD is already crossed bearish on weekly charts, it simply that now the every day is becoming a member of again in on the motion.
#Litecoin has dying crossed once more on the every day
Even worse, each the 50-day and 200-day averages are turning down
Not trying so sizzling pic.twitter.com/kwUV03tc7P
— Tony “The Bull” (@tonythebullBTC) August 24, 2023
