Litecoin price analysis: LTC looks to rebound after crypto crash
Another leg down for Bitcoin (BTC) could however trigger further losses for LTC given the strong correlation between their price movements
Litecoin (LTC) was among major altcoins to suffer heavy losses following Bitcoin's flash crash that triggered widespread selling across the crypto market.
The 14th ranked cryptocurrency sank 18% on Tuesday to break below key support levels. Even with today’s rebound, LTC’s price is still 11% down on its 24-hour opening value.
But bulls are likely to push higher, with targets near the psychological $200 and $230 levels.
According to technical analyst Ali Martinez, LTC is still bullish despite the 18% nosedive seen on Tuesday. Per the analyst, the Litecoin network has registered an increase in new addresses, which suggests an inflow of “new money” as investors retain confidence in the price of Litecoin going up.
