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:
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LTC’s pullback comes whilst on-chain information reveals elevated exercise
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The coin has rallied fairly considerably from its lowest level this 12 months.
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We anticipate LTC to consolidate in and round $120 earlier than the subsequent leg up.
Knowledge Supply: Tradingview
Litecoin (LTC) – Understanding the worth motion
One factor that ought to give LTC buyers quite a lot of hope is the truth that on-chain exercise is sort of spectacular. Transaction volumes stay excessive and this will solely be a constructive for the longer term. It’s, due to this fact, secure to infer that the current slowed momentum has largely been influenced by the broader motion available in the market.
However regardless of this, there are just a few bearish indicators, particularly within the brief 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 by some means 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) an excellent funding?
Sure, if you wish to construct an excellent portfolio of crypto property, then LTC can be a worthwhile consideration. As for the brief time period, there’s nonetheless quite a lot of upside potential for LTC.
Simply give it time to consolidate and as soon as it falls to round $116, think about shopping for. The coin is more likely to proceed its bullish run within the close to time period.