What traders of Litecoin should anticipate in their portfolios.

Spread the love

Altcoins in the top 25 on CoinMarketCap are rallying as the alt season starts. At the time of publishing, 23 of the top 25 altcoins are delivering positive weekly returns. Among these, Litecoin, which ranks ninth in terms of market capitalisation, has reported a daily increase of more than 4%, and the price is still 42 percent below its all-time high.

According to IntoTheBlock’s on-chain study, there is a clear bullish sentiment among traders for Litecoin, and as the price increases, it is predicted to touch a local peak. The concentration of big HODLers is currently about 50%, and there is evidence that there is potential for more rallying and price exploration. While getting closer to the ATH would necessitate greater liquidity and volatility, trading activity on top exchanges is currently strong enough to raise the price.

There is an uptick in demand based on trading volume on spot markets, which may bring the price closer to $240. Following Ethereum’s daily gains of 5.11 percent, the alt boom has accelerated, boosting trading inflows to Litecoin. The steady rise in price on top spot markets reflects this improved inflow and overall bullish sentiment.

Here's why Litecoin is rallying towards a local top?

Litecoin price chart || Source: CoinGecko

Other metrics, such as mean transaction volume data from Glassnode, indicate Litecoin’s bullish sentiment and its effect on the market. The average transaction volume of Litecoin has just hit a one-month peak of 172.6 LTC, which is a bullish indicator since the number of significant or above-average transaction values is growing. The realised capitalisation of Litecoin is another statistic encouraging its bullish rally.

Here's why Litecoin is rallying towards a local top?

LTC Realized Cap || Source: Twitter

The same conclusion can be drawn from this statistic as from the improved mean transaction rate. Portfolios of retail traders are expected to profit from double-digit or higher returns if Litecoin hits the local top in the coming week.

RECOMMENDED READ:  Cardano, Dogecoin, VeChain Market Analysis for 30 January 2021

Since the beginning of the year, the price has risen by 61.45 percent. Throughout the year 2020, uncertainty declined steadily. However, from March 21, 2021 to the end of March 2021, Litecoin traded below $200. When the market activity of Litecoin is paired with its HODLing pattern, with over 50% of Litecoin HODLers owning the token for more than a year, the new trend is bullish in the short term. As a result, retail traders who purchased the commodity for less than $195 profited. While some may argue that now is the right time to short Litecoin, there is a stronger risk that the price will grow to a local peak.


 208 Interactions,  2 today

What are traders talking about Bitcoin’s latest all-time peak of $63K?

Bitcoin's price has surpassed $63,000 to set a new all-time record, but markets are divided in the short term. On Read more

TIME has come for Bitcoin, as a publication has agreed to keep BTC on its balance sheet.

Grayscale Investments had over $47.1 billion in funds under administration at the time of writing, with the AUM of its Read more

Why Bitcoin bulls remain upbeat despite primary BTC market metric falls to a new low.

Bitcoin's long-to-short ratio has fallen to a five-month low, but bears aren't biting, indicating that bulls remain in charge of Read more

What Exactly Is A Short Squeeze?

The term ‘risk' is one of the most widely used in the trading world. Betting on the success of any Read more

How to Trade Bitcoin Using the Money Flow Index

The Money Flow Index, or MFI, is a critical (but lesser-known) oscillator that can be used to perform technical analysis Read more

How enterprise blockchain applications are on the rise as companies becoming more aware of cryptocurrency.

Enterprise technologies that provide cross-border solutions and support the unbanked are gaining steam, and XRP, Stellar, and XinFin are seeing Read more

RECOMMENDED READ:  Price of 1 Ethereum compared to 1 ounce of Gold, now more valuable
Decentralized finance is being tested by a major Thai bank.

Kasikornbank believes that asset-backed DeFi has the ability to generate economic value for Thailand. As part of its market growth Read more

Topps baseball card company and MLB working on official NFTs.

Topps Series 1 Baseball nonfungible coin collectibles will be released by the national card manufacturer in collaboration with Major League Read more

Physical Litecoin ETP will be listed on the German digital stock exchange.

Bitcoin and Ether ETPs are now available on the Deutsche Börse Xetra. The London-based ETC Group, which was responsible for Read more

How the use of blockchain technology has significantly increased the pace of rail trade between China and Europe.

Train cargos from China to Europe can now be shipped in days rather than months, thanks to the installation of Read more

“Crazy Cash”: Bitcoin turns yellow after a Simpsons episode depicts the BTC price surge to infinity.

The Simpsons, one of the most famous animated sitcoms in television history, has made a bullish bet for Bitcoin's worth. Read more

Leave a Reply

Contact Us