An Unexpected Shift: Losing its Place in CNBC
Recently observed was an interesting movement of cryptocurrencies on CNBC, a global leader in real-time financial market coverage. Their significant decision was to replace Litecoin (LTC) and Bitcoin Cash (BCH) with Solana (SOL). Though specific reasons behind this decision remain undisclosed, it’s important to note Litecoin’s resilience beyond this shift.
Litecoin’s Pricing Landscape: A Bearish Bias does not define its Future
The end of the month observed an inclination towards a bearish bias with Litecoin’s price. At a press time price of $65.47, Litecoin reflected a 63% premium from its lowest price point during the crypto winter. Despite being a 43% discount from its highest price point in July, industry experts believe that this discount could be a healthy step for the currency, reflecting its potential for further growth. Though the move might look steeper from its historic high, these conditions could offer a fertile ground for Litecoin to bounce back.
Litecoin’s Journey: From a Mode of Investment to a Preferred Mode of Payment
An impressive fact about Litecoin is its rise in the sphere of payments. Enabling more business transactions, Litecoin has been gaining traction, with the digital currency seeing its use for payments rising. This increase has pushed Litecoin’s share of global payments from 23% in March to over 34% by the end of July, indicating a nearly 50% jump. As tracked by BitPay, the world’s largest crypto payment processor, this makes Litecoin one of the most preferred cryptocurrencies for payments. This increasing usage signifies Litecoin’s potential to bring innovation and efficiency to the financial market.
Courting Death Cross: A Possible Rebound to Come
Litecoin also experienced a death cross, a situation where Litecoin’s daily moving average (MA 50) crossed above the daily moving average (MA 200). Despite appearing as a promise of further sell-offs, more often, it does not turn out to be the case. Evidence suggests that the asset is usually oversold by the time of the formation of the death cross and could be due for a rebound, painting a promising picture for Litecoin’s potential future.
Sensing The Market: Savvy Whales Accumulate
The implications of the death cross, instead of spelling certain doom, seems to have beckoned savvy whales to accumulate Litecoin. Anticipating an impending price drop, they appeared to have liquidated their holdings in time. Given that Litecoin’s funding rate was at 0.007%, a positive Hodler Net Position change implies that HODLers were accumulating from new positions. This suggests a resilient spirit among the Litecoin community and the potential return in investment in the future, even as the buying frenzy cools down.
With the observations made, it seems the current situation is unlikely to pull Litecoin’s price below $60. While this may pose risky decisions for many, the volatility of the digital market shouldn’t overshadow the cryptocurrency’s utility and growth potential. In summary, Litecoin looks set to continue its steady incline on the long voyage of its crypto journey.
Do you agree with getting on the Litecoin train during this period of volatility? Share your thoughts below.
