Where is Litecoin going after FUD rejection? – Bitcoin magazine

There have been a number of massive pumps & dumps fueled by FUD in the crypto market over the past year that have had a huge impact on the prices of the tokens. Not even Bitcoin is immune to the wrath of FUD, let alone memes like Dogecoin and Shiba Inu. However, one altcoin that has shown some resistance is Litecoin.

Litecoin price bounced back briefly on September 13, before falling after news of a partnership with retail giant Walmart Inc. But it turned out to be just fake news. It is noteworthy that Litecoin has held up quite well so far.

What are the causes?

Litecoin was valued at $ 240 at one point, according to the Litecoin Walmart rumor, up nearly 40%. The trading volume also reached its highest level since May 19. However, those numbers quickly fell after Walmart corrected the untrue rumors.

While this certainly dealt a blow, the price from LTC to FUD did not collapse.

A few days later, some good news came when AMC announced that it would support Bitcoin Cash, Ethereum, and Litecoin. While ETH and BCH prices didn’t have much of an impact, LTC held firm above the USD 170 support.

Source: TradingView

Litecoin has done very well as it is part of the OG crypto club that has existed for many years. Regular support from organizations has also helped it grow.

Even so, the LTC indicators seem to paint a double picture.

Active addresses for LTC hit ATH on September 8, but were rejected shortly thereafter. The consequences of FUD are unclear as the active addresses are still higher than last year’s numbers. The downtrend in active addressing is also showing signs of reversal after the FUD as a V-shaped recovery curve forms.

In addition, aSOPR and hibernation highlight contrasting patterns. Hibernation shows that old coins are in circulation – a negative sign for the price. In addition, across different averages, aSOPR emphasizes that profits are made.

Source: Glassnode

Even if Litecoin price is going down at the time of going to press, its aSOPR is still trending up. This implies that the previously illiquid supply is returning to the cycle.

While LTC’s mid- to short-term price looks like it may face some setback as the broader market declines, the long-term outlook remains good. In addition, LTC’s rejection of FUD is evidence of its market power.

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Annie

According to Ambcrypto

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