Litecoin Might Lead Crypto Market Towards Prices from 2015
Litecoin (LTC) often becomes included among the first altcoins starting to see growth or fall following a period of sideways trading.
After the recent crash that caught the crypto market off-guard, LTC has begun to move once again. Also, it might be leading the market toward a destructive crash back to prices not traded since 2015. And this was long before the epic bull run that put crypto on the map initially started.
Besides that, Litecoin typically leads the way. Thus, which means, that it, depends on the new market structure, sentiment, and a few other factors.
During early 2019, LTC led the market toward recovery, ignited by the asset’s halving. Now, once again, in 2020, LTC was part of the first altcoins to bounce back from lows and go on to set new local highs.
But after the tapped highs, Litecoin and the rest of the cryptocurrency market faced a bloodbath alongside the stock markets, precious metals, and more. At the same time, investors cashed out liquid assets into cash to gear up to weather the coming economic storm.
LTC may now be leading the way for the rest of the crypto market toward prices that haven’t been trading since before the 2017 cryptocurrency bull run and hype bubble.
Also, prior to the crypto bubble, Litecoin traded at prices below $10. The said level might be the last target of the coming LTC decline, based on one crypto analyst.
Elliot Wave Theory
One crypto analyst explained his take on Elliot Wave Theory and how it applies to LTC/USD price charts. The crypto is recently mid-way across wave B in an ABC corrective pattern.
The aim for Wave B puts Litecoin back below $10, or prices that the assets traded at, back in 2015. LTC usually leads the way for the crypto market. And this signals that Bitcoin (BTC) and the rest of the altcoin market will go back to 2015 prices.
Once they hit the target, however, cryptos will start the C wave of the ABC correction. This will take the price of Litecoin to more than $3,000 per LTC token.
1M Token Grant of Ark
Elsewhere, interoperable blockchain project Ark (ARK) designated one million ARK valued approximately $150,000 toward its new development grants program on March 24.
Then, with the grant program launched a week ago, Ark’s Strategic Partnerships Manager, Ray Alvarez, stated that it had received proofs-of-concept from developers. The program exclusively funds proposals with technical deployments and the usage of Ark technology stack.
Moreover, the applications have standalone applications and plugins. This includes the development contributing to Ark’s decentralized private messaging app, a desktop wallet, and transaction plugins.
Also, Alvarez said that they intended the program to foster a collaborative environment among developers and fuel participation from developer communities globally.
According to the Strategic Partnerships Manager, the Ark got multiple applications both from within the Ark community and developers from other projects. Currently, the project is reviewing more applications inside the program to look at what they can assign in the funding.
For the rest of 2020, the Ark has an extensive release plan based on Alvarez. This includes the launch of ARK Core 3.0, One-Click ARK Deployer, ARK Marketplace, ARK Enterprise, ARK Dex, Core Consensus, and more.
