Litecoin is among the few alts attempting recoveries amid the ongoing bloodbath. Such movements forecast a potential trend reversal for the alternative token. While hindrance from overall market hints is usual, the backing LTC has from its enthusiasts remains critical in helping the token recover quickly.
LTC Under Immense Pressure
Litecoin has failed to recover for nearly a year since hitting the $417 all-time peak. The altcoin trades 88.5% down from its ATH. While publishing this blog, LTC traded at $46.31, gaining 3.58% over the past day. Nevertheless, the latest crash had the coin losing approximately 32%.
Meanwhile, LTC showed recovery promises within the past seven days, with the freefall seemingly losing strength. The Parabolic SAR nearing the candles mean the indicator can flip into an upside by changing its spot to move under the candlesticks.
Meanwhile, the ADI (average directional index) maintained consistent surges within the previous month, initially supporting a rally before backing crashes. However, with the tides expected to shift, the climbing ADA could bolster the uptrend, propelling Litecoin beyond $50.
Moreover, the Moving Average Convergence Divergence presents similar readings, with an impending bullish cross in the upcoming days. The red bars’ disappearance augments the narrative.
Also, Litecoin investors didn’t abandon the project as it struggled, which will help Litecoin maintain a sustained uptick. That remains surprising as LTC investors stay hopeless, with 90% of them staring at losses.
LTC recorded the highest on-day loss (this week), losing $280M, seeing November 2018 numbers. Moreover, LTC investors have kept their holdings rather than escaping the marketplace.
Also, the concentration of investors holding between 12 and 18 months saw a 4% increase since January 2022, or 6M Litecoin tokens, equal to $270M. That shows investors maintaining a bullish stance against LTC, and they could be right.
Nevertheless, the upside journey is not smooth and needs patience. Cryptocurrency bears control the overall marketplace, ready to drive prices lower. Bitcoin remains beneath the vital $20K, reflecting pessimism within the market.
Such narratives will hinder LTC’s anticipated move to $100. Nevertheless, everything is possible in the crypto world. Stay tuned for upcoming market developments.