At one level in 2019, Litecoin was ranked 4th on the cryptocurrency charts. Nonetheless, occasions have modified over the previous couple of years and the silver counterpart to Bitcoin is now all the way in which down at sixteenth.
A powerful legacy coin by way of market recognition is at present lagging behind the likes of meme tokens that had been generated out of skinny air.
Nonetheless, there’s a tenacity related to LTC, one which has in some way allowed the digital asset to stay related. Whereas the likes of Bitcoin Money, Bitcoin SV, and Monero have misplaced important traction, LTC continues to be displaying indicators that it’s not achieved.
Are buyers nonetheless sticking round with Litecoin?
Supply: Glassnode
The Reserve Danger indicator, at press time, appeared to counsel that buyers are nonetheless assured. In reality, the RR remained larger than the typical seen over the previous couple of years. What’s extra, its worth rose whereas LTC’s worth consolidated on the charts.
The RR indicating excessive confidence whereas the value appeared low implied LTC nonetheless possesses a lovely threat/reward ratio from an funding angle.
So far as exercise is worried, an identical sample might be noticed.
Supply: Santiment
Whereas the value slowly inched forward over the previous month, the variety of lively addresses declined a bit. That is normally a bearish divergence, however the truth that the transaction rely virtually matched the height established again in 2017 is a telltale signal of a rally.
On 4 January 2018, the confirmed transaction rely for LTC hit 166,000. And, on 4 September 2021, the rely went near 161,000. At press time, LTC had managed to document ~144,000 transactions.
Weekly power for silver BTC?
Supply: Buying and selling View
Litecoin has, traditionally, been a type of belongings that repeat its earlier patterns. If that’s the case, LTC holders can be salivating over its present prospects. The current consolidation on the weekly chart is strongly just like the buildup that happened in Q3 of 2017.
The Relative Energy Index or RSI additionally appeared indicative of an identical route. Contemplating the prevailing bullish strain, a manifestation of 2017’s rally would push LTC upwards of $1500.
For a sensible strategy, half of that rally has additionally been thought of, one which might see Litecoin establishing a brand new all-time excessive at $790, simply breaching the $500-mark.
Litecoin continues to search out its method into the market too. Simply recently, the Commonwealth Financial institution of Australia introduced that customers will now have entry to purchase, promote, and maintain Litecoin within the financial institution’s person utility. Because it refuses to die out, it’d as nicely transfer ahead, and the approaching months would possibly see Litcoin explode on the charts.
