Altcoins

LTC celebrates key milestone but is it enough to bring back bullish confidence

It’s now greater than a decade since Litecoin (LTC) was based and it has come a great distance since then. The community’s newest replace reveals the extent of Litecoin’s achievements whereas underscoring the wholesome development it has achieved up to now.


Right here’s AMBCrypto’s value prediction for Litecoin (LTC)


Litecoin is celebrating its 11th 12 months of existence and it has additionally revealed that it managed to safe over 133 million transactions. The replace additionally famous that the community managed to realize that milestone with none downtime.

The milestone is a testomony to the Litecoin community’s effectivity and well being. Nonetheless, this has not stopped LTC from experiencing market headwinds. The cryptocurrency is at the moment at an 83% drawdown from its historic excessive.

Litecoin price drawdown

Supply: Glassnode

The 2022 bear market isn’t the primary time that LTC has been closely drawn down. The primary was between 2014 and 2015 whereas the second main drawdown occurred between 2018 and 2019. So far as LTC’s newest value motion is anxious, it managed to tug off a 50% upside from its October lows, in an try to exit the decrease vary.

LTC’s newest upside was capped at $73.36 after hovering into overbought territory on Monday (7 November). The return of promote stress particularly within the final two days triggered a retracement to its $64.76 press time degree.

Litecoin price action

Supply: TradingView

The truth is, LTC has notably demonstrated some shopping for stress within the final 24 hours regardless of the pullback. This is likely to be an indication that the latest replace has influenced buyers’ sentiment, probably cushioning Litecoin from extra promote stress. However is it sufficient to assist a restoration again above $70?

The place is Litecoin headed subsequent?

Litecoin maintained its transaction quantity for the final 4 weeks close to the 5 million vary. Nonetheless, we noticed a sudden spike in transaction quantity this week, with the transaction quantity hovering as excessive as 14.51 million LTC within the final 24 hours.

Litecoin Transaction volume

Supply: Santiment

This surge in transaction quantity is probably going a mirrored image of the surge in promote stress. A take a look at Litecoin’s circulation metric reveals the same end result.

We noticed a surge within the circulation metric within the final seven days, leading to a brand new weekly excessive. Nonetheless, the identical metric indicated a pivot since Sunday (6 November).

Litecoin circulation

Supply: Santiment

Litecoin’s provide distribution gives a greater view of what the highest addresses or whales have been doing. LTC’s largest addresses holding over a million cash registered a large improve of their balances on 5 November. Nonetheless, this incoming purchase stress tapered out the following day (Sunday).

Litecoin supply distribution

Supply: Santiment

Addresses holding between 1,000 and 100,000 additionally elevated their balances on the identical time. In the meantime, addresses holding between 100,000 and a million LTC have been taking earnings.

A lot of the high whale classes have leveled out, which means they don’t seem to be promoting or shopping for. This would possibly lead to a restricted draw back for Litecoin. Nonetheless, the market stays extremely unpredictable, which suggests there may be nonetheless extra room for draw back.

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