After performing very well in the first quarter of this year, Litecoin (LTC) appears to have lost the traction and is now headed south. LTC has been holding on above the $100 for a while before dipping to the upper 90’s a week ago. Its performance for the last two months seems the worst since the crypto-crash earlier in the year.
The depreciation of Litecoin (LTC) value begun in February and this appeared like a normal market shift. This seems to have escalated to an extend of diminishing the trust most investors had on this promising coin. As much as it is a general drop in the entire market, not many investors expected to coin to trade below the $100 mark.
Litecoin (LTC) dismal performance has prompted many holders to sell of their stakes and moving to more promising coins in the market. However, it is too early to speculate a south route. The price drop is a short term shift and the coin poised to go back to its gaining ways very soon and here is how.
Litecoin (LTC) is Over-Sold
The decline in the coin value has been blamed on being over-sold. Many investors are in the panic mode and are trying their best to dispose off their holding and sit on the fence or invest elsewhere. This is a very promising trend and will lead to rebound in the next coming days.
When a coin is in the over-sold zone, it is a short-term period before heading to a breakout. For Litecoin, the bulls are set to overshadow the bears and this will spur the Litecoin price north. However, this might not take the LTC back to its glory days but it will take a bit longer.
Given that every other coin and token in the crypto landscape is fighting to recover, Litecoin too has its war to fight. One of the best ways to break even is by streamlining its route to market and rebuild its reputation and trust among past, present and future investors.
Green Light as Litecoin gets Listed on itBit
One major boost for Litecoin is getting listed on an exchange that is NYDFS regulated. Its entry and acceptance in the US market is a clear indication of the impending boom. This is a good market entry point and will set the pace for LTC value traction.
The itBit listing is set to expose Litecoin to more investors of repute and the new pairing will increase the usability of the KTC thus driving its value north. Just hours after the listing, the coin price experiences a spike as a result of the hype and indications are clear that the coin is soon bursting above the $100 mark.
Litecoin (LTC) Price Projections
Litecoin (LTC) hit a low of $93 before stabilizing on the $96 zones and the price, like that of other coins continues to oscillate sending shivers down the holders’ spines given that it was trading at $182 in May. At the moment, the LTC coin is trading at $98 after shedding a 1.8% against the dollar and 0.91% to BTC and appears to be headed back to the $100 handle.
A further drop would mean the coin exhaustion is in the offing and this is set to spur the price above the $100 mark and a breakout to ensue. This breakout will not take it back to its May performance but a $125 resistance level is a sure bet. However, market analysts indicate a corrective rally that will send Litecoin (LTC) to the $108 zone. It is clear that any gains going forward will be ignited by the market leader Bitcoin.