Disclaimer: The following analysis is the sole opinion of the author and should not be considered investment advice.
- Litecoin Still Beats June Lows Despite Recent Crash
- Altcoins Offered Opportunities To Make Profits This Week
If you’ve been holding Litecoin (LTC) since October, you may have felt less pain from its bearish performance this week than most other cryptocurrencies. This is because his LTC crash this week only undid gains achieved since the end of September.
Read Litecoin Price Prediction 2023-2024
Unlike most of the other top currencies, Litecoin’s decline was only slightly below the September and October support levels. In other words, the price level at press time is trading above the June lows. The same cannot be said for many major cryptocurrencies, including Bitcoin.
LTC’s ability to withstand further declines is already a healthy sign for traders and investors. Additionally, he has risen 6% in the last 24 hours at the time of writing, confirming notable bullish demand.
The fact that Litecoin’s money flow surpassed its October low can be interpreted as a sign of relative strength. The question is whether LTC will regain the previous bullish momentum he observed in the final week of October.
Can Litecoin Bulls Pick Up Momentum?
Litecoin kicked off in November by attempting a vigorous pivot. Unfortunately, this week’s market crash has taken a further turn for the worse. It may also be on the verge of picking up again after seeing a slowdown earlier in the week.
At the time of writing, it had a realized market cap of $6.69 billion. This means there were many holdings below the current price point. This indicates that many investors are holding, or perhaps not wanting to sell, for long-term investment purposes.
Litecoin’s rise over the past 24 hours is confirmation of strong demand near the current weekly low. The good news is that there has been a significant increase in whale activity, as evidenced by an increase in the number of whale trades.
Can Litecoin maintain enough demand to return to its recent highs? Well, it takes strong bullish sentiment to achieve this. Fortunately, there are some recent developments that have the potential to promote and sustain positive sentiment shifts.
A good example is the significant rise in mining difficulty observed in the last few months. This is important as it highlights Litecoin’s healthy mining ecosystem while maintaining decentralization.
Litecoin Mining Difficulty Continues to Rise and Hits New Highs!🚀🚀
Difficulty is a variable that indicates how difficult it is to find hashes below a certain target.Key indicators of mining and methods of true decentralization #Litecoin The network controls the issuance of new coins. pic.twitter.com/9EcYEsHY0a
— Litecoin Foundation ⚡️ (@LTCFoundation) November 9, 2022
Additionally, Litecoin maintained a strong growth pace of new addresses. This year he outpaced Bitcoin and Ethereum in new address growth from January to October.
LTC 59.7% (93,758,401 out of a total of 156,995,117)
ETH 40.8% (66,233,730 out of a total of 162,083,651)
BTC 26.4% (274,039,503 out of total 1,034,349,634) pic.twitter.com/lgug0GasBC
— David Schwartz (aka – Dasch) (@DaddyCool1991) November 8, 2022