LTCUSD (Litecoin) – Week 34 – Correction then upside?
Earlier this week, CoinShares Co. rolled out a new Litecoin ETP (a physically-backed cryptocurrency exchange-traded product). At launch, each unit of the Litecoin ETP was backed by 0.2 LTC, thus providing investors passive exposure to the alt. While external development for LTC seems to be good, development activity on the network remains pretty low.
Even though LTC’s price still held its ground, on-chain metrics and network activity suggests that LTC’s peak had reached and the coin might go down from there. But, it’s not all bad, a lower Liveliness on LTC’s chart highlighted that it decreased because LTC Holders might be accumulating and this is a good sign for the network.
Technically, for this pair we have 2 working scenarios with pretty similar probabilities. One is a continuation to the upside from this consolidation that is happening right now and the second scenario is a bigger correction in this area that will tag the low of $160 before continuing higher. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Even though LTC’s price still held its ground, on-chain metrics and network activity suggests that LTC’s peak had reached and the coin might go down from there. But, it’s not all bad, a lower Liveliness on LTC’s chart highlighted that it decreased because LTC Holders might be accumulating and this is a good sign for the network.
Technically, for this pair we have 2 working scenarios with pretty similar probabilities. One is a continuation to the upside from this consolidation that is happening right now and the second scenario is a bigger correction in this area that will tag the low of $160 before continuing higher. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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