Tuesday, February 7, 2023
    HomeMarketLitecoin (LTC) shows a bit of weakness

    Litecoin (LTC) shows a bit of weakness


    The crypto rally that we noticed over the past two weeks has lastly taken a breather. Most cash seem to have retreated a bit, whereas others have traded sideways for many elements of this week. Litecoin (LTC) isn’t any completely different. The coin has fallen round 5% within the final 24 hours. Listed here are the current developments:

    • LTC’s pullback comes at the same time as on-chain knowledge exhibits elevated exercise

    • The coin has rallied fairly considerably from its lowest level this yr.

    • We anticipate LTC to consolidate in and round $120 earlier than the following leg up.

    Information Supply: Tradingview 

    Litecoin (LTC) – Understanding the worth motion

    One factor that ought to give LTC traders a number of hope is the truth that on-chain exercise is sort of spectacular. Transaction volumes stay excessive and this will solely be a optimistic for the long run. It’s, subsequently, secure to infer that the current slowed momentum has largely been influenced by the broader motion out there. 

    However regardless of this, there are a number of bearish indicators, particularly within the quick time period. As an example, LTC has fallen barely from its 50-day SMA. Momentum indicators additionally level downwards. Nevertheless, we don’t anticipate any sharp fall. 

    Actually, LTC is probably going going to consolidate in and round $120. Even when someway the retreat continues, we anticipate the coin to seek out robust help at $116. After that, Litecoin will resume its uptrend and will hit $200 within the second quarter.

    Is Litecoin (LTC) a great funding?

    Sure, if you wish to construct a great portfolio of crypto belongings, then LTC will likely be a worthwhile consideration. As for the quick time period, there may be nonetheless a number of upside potential for LTC. 

    Simply give it time to consolidate and as soon as it falls to round $116, contemplate shopping for. The coin is prone to proceed its bullish run within the close to time period.

    Source link

    Related articles


    Please enter your comment!
    Please enter your name here


    Latest posts