Even death refuses to accept LTC, $ 500 is sooner or later
In 2019, Litecoin (LTC) broke into the top 4 by market capitalization once. However, a lot has changed in recent years and it is currently in 16th place.
A strong legacy coin in terms of market popularity is currently lagging behind memes coins.
However, there is persistence emanating from LTC. While Bitcoin Cash (BCH), Bitcoin SV (BSV) and Monero (XMR) have lost significant traction, there are still signs that they are not.
Are investors still staying with Litecoin?
At the time of this writing, the reserve risk (RR) indicator seems to suggest that investors remain confident. In fact, the RR is still above the average for recent years. In addition, as LTC’s value has consolidated, its value has increased.
The RR shows high confidence while the price appears low, which means that LTC still has an attractive risk / reward ratio from an investment perspective.
A similar pattern can be observed in terms of activity.
While the price has increased slightly in the last month, the number of active addresses has decreased slightly. This is usually a bearish divergence, but the fact that the number of trades is roughly the 2017 high is a sign of a rebound.
As of January 4, 2018, the number of confirmed transactions for LTC reached 166,000. And on September 4, 2021, that number reached nearly 161,000. At the time of going to press, LTC had around 144,000 transactions.
Weekly Strength for LTC?
Source: trade view
Historically, Litecoin has been one of the assets that repeats its previous patterns. If so, LTC holders will be excited to see the current outlook. The current consolidation on the weekly chart is similar to that in the third quarter of 2017.
The Relative Strength Index (RSI) also appears to be pointing in a similar direction. Given the current upside pressure, bullish momentum like the 2017 rally will push LTC towards $ 1,500. In fact, if the rally were to halve, LTC would hit a new all-time high (ATH) of $ 790, easily surpassing the $ 500 mark.
Litecoin also continues to find its way into the market. Recently the Commonwealth Bank of Australia notification that users now have access to buy, sell and hold Litecoin within the bank’s user app. If even death can’t take it away, LTC will move forward and see a boom on the chart.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to AMBCrypto