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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.
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.
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.
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.
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