As the hourly cryptocurrency price charts start to look rather worrisome once again, the big question is how all markets will be affected. For the time being, there is still a lot of green across the charts, although that situation may not last much longer. The Litecoin price is already losing value again, as its $25 level cannot be sustained any longer.
Litecoin Price Goes in the Red Again
Yesterday evening, there was some genuine excitement regarding all cryptocurrency prices. Solid gains seemed to be forming on the 1-hour charts, and some of those profits were effectively realized across all top altcoins. This is also why the likes of Bitcoin and Ethereum are still in the green right now, albeit barely. Although Litecoin also noted some gains, those have been wiped out completely once again.
Over the past 24 hours, the Litecoin price lost 3.2% in USD value and 3.4% in BTC value. It is particularly this loss in BTC value which will create some problems moving forward. After all, if altcoins cannot gain on Bitcoin, it seems unlikely they will have any USD gains in the near future, let alone hold onto them. For Litecoin, that situation is no different compared to any other cryptocurrency or asset on the market.
One particular Litecoin-related development could be worth keeping an eye on. ClayCastCrypto is in the process of pouring silver and rhodium plated Litecoin bars. For collectors, these items are usually quite valuable, but they also create interesting gifts for friends and family. Whether or not any Christmas party will involve cryptocurrencies at some point, is a different matter altogether.
There is also a bit of an unusual arbitrage opportunity involving Litecoin right now. This direct arbitrage gap involves using the Bitfinex and TokensNet platform. Although the latter one is relatively unknown, it is still an option to explore after doing one’s own research. Exploiting price gaps can yield some decent gains during these bearish times, as making money by holding coins is simply out of the question it seems.
Despite the current bearish market pressure, there are still those who have high expectations for the coming years. A very bullish chart is outlined by OptionsGenius, although very few people effectively expect it to happen in the near future. A jump to $1,500 would certainly be interesting to behold, yet it seems extremely unlikely right now.
As this is the weekend, there will hardly be any positive price momentum. That doesn’t just apply to Litecoin either, ass all currencies and assets will struggle for some time to come. The overall trading volume will continue to decline, which makes it easier to push prices down even further. As such, a Litecoin price dip to $22 is not impossible by any means.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.