Litecoin is one of many crypto tokens that has been struggling to garner any upwards momentum in recent times.
LTC has formed an incredibly close correlation to Bitcoin as of late, which has caused it to enter a long-held bout of sideways trading. Like BTC, it is currently trading at the lower boundary of this range and is beginning to flash some overt signs of weakness.
Analysts believe that its next big movement could prove to be dire for bulls, as it may plummet to levels not seen since early-2017.
There is one fractal pattern signaling that this next drop could be followed by a significant upside movement.
Its imminent decline, however, may be a symptom of the weakness that the cryptocurrency has seen relative to the rest of the markets in 2020. One trader is pointing out that it has been woefully underperforming many of its peers.
Litecoin Forms Close Correlation to Bitcoin But Severely Underperforms Crypto Market in