At one level in 2019, Litecoin was ranked 4th on the cryptocurrency charts. Nevertheless, 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 when it comes to market reputation is at present lagging behind the likes of meme tokens that had been generated out of skinny air.
Nevertheless, there’s a tenacity related to LTC, one which has by some means allowed the digital asset to stay related. Whereas the likes of Bitcoin Money, Bitcoin SV, and Monero have misplaced vital traction, LTC remains to be displaying indicators that it isn’t accomplished.
Are buyers nonetheless sticking round with Litecoin?
Supply: Glassnode
The Reserve Danger indicator, at press time, appeared to recommend that buyers are nonetheless assured. In reality, the RR remained larger than the common 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 pretty threat/reward ratio from an funding angle.
So far as exercise is worried, an analogous sample might be noticed.
Supply: Santiment
Whereas the worth slowly inched forward over the previous month, the variety of energetic addresses declined somewhat. That is normally a bearish divergence, however the truth that the transaction rely nearly 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 report ~144,000 transactions.
Weekly power 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 might be salivating over its present prospects. The current consolidation on the weekly chart is strongly much like the buildup that happened in Q3 of 2017.
The Relative Power 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 practical method, 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 search out its manner into the market too. Simply 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 software. Because it refuses to die out, it’d as effectively transfer ahead, and the approaching months would possibly see Litcoin explode on the charts.
