After the market took a hit on 16-17th August, Litecoin followed a significant drop. But guess what? LTC quickly bounced back, which has got everyone wondering – is this optimism here to stay? In this post, we will check different aspects to support (or deny) the optimism with recent developments and analysis. Please read this post before investing in Litecoin.
Recent Price Action of Litecoin
Remember that day in August when the whole crypto market crashed? LTC price dropped from $81 to $60 in just a few days. But hold on – the story doesn’t end there. Unlike some of its crypto companions, Litecoin did not linger in the red for long. It climbed back up by 8% over the next two days, reaching $67.
Even though LTC has cooled down a bit since then, the fact that it could recover so quickly is a breath of fresh air for investors. It could be a positive signal that suggests a sudden drop doesn’t have to spell long-term trouble for the market; let’s take a closer look at the technical analysis.
LTC Long-Term Holders Stay Strong
Advertisement
Let’s talk about those LTC long-term holders. Analysts were a bit skeptical after the Litecoin Halving event on August 2, 2023. Some indicators pointed towards bearish trends for Litecoin. Miners were selling off, and big transactions were on the decline. However, the long-term holders are steady, and in fact, their numbers are growing. It might be the secret behind Litecoin’s price bounce.
If those long-term holders keep increasing in number, we might just see LTC will be back to the $100 mark. Though most of the technicals are bearish on the weekly chart, LTC will continue the momentum if it does not break $50 support. LTC is still bearish and will form a higher high, higher low pattern. Based on Litecoin predictions, LTC will trade between the range of $75 to $185, which means it will be volatile this year.
Litecoin: Transaction Milestones
Speaking of good news? Here is something that can start the trend reversal. The Litecoin network recently hit a big milestone – its 175 millionth transaction! Just last year, the total transactions for the entire year were 39 million. Can you believe it? In 2023 alone, there were 46 million transactions, breaking yet another record.
https://twitter.com/LTCFoundation/status/1694426194819903777
Keep an Eye on Litecoin (LTC)
Advertisement
So, what’s the verdict? Litecoin is showing some sparks of optimism. Whether it continues to shine or faces a few hurdles, one thing is sure–LTC keeps us all on our toes. So, keep your eyes open and remember the crypto journey is always full of surprises.
