Litecoin: LTC Is falling but does it have any good forecast
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Disclaimer: The following analysis is the sole opinion of the author and should not be considered investment advice.
- Litecoin holds above June levels despite the recent drop
- Alternative money offering opportunities for profit this week
If you've been using Litecoin (LTC) since October, this week's price drop may be less painful for you than most other cryptocurrencies. That's because LTC's drop this week has only reduced the gains he's made since late September.
Unlike most other major coins, Litecoin's drop only resulted in a slight drop below the support levels seen in September and October. In other words, at press time, the price is still trading. translate on it. lowest in June. This is not the case for many leading cryptocurrencies, including Bitcoin.
LTC's ability to fend off further drops works well for traders and investors. Additionally, it is up 6% in the last 24 hours at press time, confirming a significant bullish demand.
The fact that Litecoin outflows managed to hold above the October lows can be interpreted as a sign of relative strength. Now the question is whether we will see LTC regain the previous bullish momentum we saw in the last week of October.
Will LTC reverse?
Litecoin started in November in an attempt to turn the tide of power. Unfortunately, it fell deeper as the market fell this week. We also saw the rate decrease earlier this week, but it could be reversed again.
At press time, its effective market capitalization is about $6.7 billion, which means there are tons of stocks trading below their current prices. This shows that many investors are holding or don't want to sell, presumably for long-term focus.
Litecoin's rally over the past 24 hours confirms strong demand near current weekly lows. The good news is that this lead is indicated by an increase in the number of whale trades.
Can Litecoin sustain enough demand to return to recent highs? Yes, it takes a strong bullish sentiment to pull it off. Fortunately, a number of recent developments can encourage and sustain positive psychological change.
A good example is the dramatic increase in mining difficulty that has been witnessed in recent months. This is important because it emphasizes Litecoin's healthy mining ecosystem while remaining decentralized.
In addition, new Litecoin addresses maintain a strong growth rate. From January to October of this year, its new address growth has surpassed that of Bitcoin and Ethereum.
Nov 11, 2022