Litecoin may be on the way to touch $101 unless this happens..

Litecoin is presently following the broader market trend and is trading red. However, the bigger picture behind the price fall is bigger than just external cues. And these recent developments play a bigger role in this big picture.

Litecoin at #2
Although the 7.63% drop in price can be considered as the result of LTC’s high correlation with Bitcoin, it did manage to contribute majorly to what is expected out of Litecoin.

As previously analyzed, Litecoin is currently stuck in a downtrend pattern, according to which the altcoin is expected to touch $101.6 by 20 January, 2022.

Surprisingly, the pattern is still intact with the RSI still lingering in the bearish zone, almost touching the overbought line yesterday. The silver to Bitcoin’s gold is already down by 52.38% as of today and is barely 11% away from falling to the approximated level.

Litecoin price could reach $101 by January 20 | Source: TradingView — AMBCrypto

And looking at the price indicators, the downtrend’s strength seems to be increasing. With the ADX already above 25, there’s a very high chance LTC might end up finishing that 11% journey sooner than expected.

But the asset’s strongest supporters right now could play a ‘reverse’ on this trend and potentially save LTC from falling further.

For any asset, its biggest strengths are its investors and their dedication to HODL and according to the data from Coinbase, Litecoin is leading the list of cryptocurrencies that have been held the longest at an average.

Each Litecoin is presently held for an average time of 93 days, making it a better HODL coin than even Bitcoin which is following LTC at 75 days.

Longest held crypto-assets | Source: The Motley Fool

Plus, in addition to HODLing, LTC’s use in comparison to other altcoins is also significantly higher. At the moment, Litecoin is the second most transacted cryptocurrency with BitPay merchants followed by ETH.

Litecoin is the second most used crypto after Bitcoin | Source: Litecoin

Although the network did lose more than 300k investors during the November crash, it has since regained them which is why it becomes apparent that Litecoin’s saving grace will be its investors.

Litecoin addresses | Source: Intotheblock — AMBCrypto

--

--

--

forex and cryptocurrency expert trader; telegram- https://t.me/jamilapatersonofficial

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Announcing 8th round DENA Liquidity Farming Program

NEAR Foundation grant

What is the Deal with ASIC?

Fannie Mae No Longer Has Automatic Path to Federal Court https://t.co/3r2gNHhMtP #appraisal

Measuring liquidity in cryptocurrencies

Hold Through the Dips

Microfinance loans recovery on the blockchain — a concept

Getting Started with Decentralized Identity: Five Things You Can Do with ArcBlock’s DID ABT Wallet

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
jamilapatersonofficial

jamilapatersonofficial

forex and cryptocurrency expert trader; telegram- https://t.me/jamilapatersonofficial

More from Medium

Ethereum: Are Coinbase, Kraken party to centralization

Biden Signs Executive Order On Crypto

Biden Signs Executive Order On Crypto

CARDANO ADA UNSTOPPABLE | *Mark This Date*

Crypto.com Visa Card Review