While Bakkt’s Bitcoin futures are here, the crypto market has been struggling. Litecoin, the fifth-largest cryptocurrency market capitalization, fell off a proverbial cliff earlier this hour.
As of the time of writing this article, Litecoin is trading at $66.75, having lost 8% in the past 24 hours. Bitcoin, for some perspective, is down 2.5%.
This flash crash comes after LTC saw strong trading sessions last week, benefiting from the micro “altseason” that took place.
Litecoin, Not Dead Just Yet
While Litecoin is clearly suffering, having lost the support of multiple moving averages and with technical indicators flipping negative, it purportedly isn’t dead yet.
The analyst below recently laid out the bull case for the altcoin. He notes that LTC remains above its 50-week moving average, which is important in determining long-term macro trends, and that it has broken to the upside of a descending wedge, implying the potential for a recovery.
Litecoin hovering around 50 week moving average for the last month and testing upper trendline of falling wedge
Does not look bad
However a daily close below $65 could be dangerous pic.twitter.com/GfhiXKfhKp
— Crypto Capital Venture ⚡️ (@cryptorecruitr) September 23, 2019