At one level in 2019, Litecoin was ranked 4th on the cryptocurrency charts. Nonetheless, instances have modified over the previous couple of years and the silver counterpart to Bitcoin is now all the best way down at sixteenth.
A powerful legacy coin by way of market recognition is presently lagging behind the likes of meme tokens that have been generated out of skinny air.
Nonetheless, there’s a tenacity related to LTC, one which has one way or the other allowed the digital asset to stay related. Whereas the likes of Bitcoin Money, Bitcoin SV, and Monero have misplaced vital traction, LTC continues to be exhibiting indicators that it’s not finished.
Are traders nonetheless sticking round with Litecoin?
Supply: Glassnode
The Reserve Threat indicator, at press time, appeared to counsel that traders are nonetheless assured. In truth, the RR remained increased 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 worth appeared low implied LTC nonetheless possesses a horny danger/reward ratio from an funding angle.
So far as exercise is anxious, an analogous sample may be noticed.
Supply: Santiment
Whereas the worth slowly inched ahead over the previous month, the variety of energetic addresses declined a bit. That is often 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 file ~144,000 transactions.
Weekly energy for silver BTC?
Supply: Buying and selling View
Litecoin has, traditionally, been a type of property that repeat its earlier patterns. If that’s the case, LTC holders shall be salivating over its present prospects. The current consolidation on the weekly chart is strongly much like the buildup that came about in Q3 of 2017.
The Relative Energy Index or RSI additionally appeared indicative of an analogous course. Contemplating the present bullish stress, 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 seek out its approach into the market too. Only 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 consumer utility. Because it refuses to die out, it would as effectively transfer ahead, and the approaching months may see Litcoin explode on the charts.
