Litecoin LTC opinions, future, reviews, thoughts


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Current Litecoin market as I see it

After starting the week with a low Litecoin, investors are still unsure about the future prospects of the asset
The LTC pullback last week triggered a retest of the ascending support line. The latter has been part of the LTC exchange rate channel for the past 8 weeks. In the past, the asset has repeatedly tested the same support, but this time it shows signs of weakness.

LTC went below the support line at the peak of the fall on August 19. Since then, he has managed to trade along the same line, but the exchange rate has noticeably lost its strength and ability to stay above this line.
The current level of the LTC rate suggests that investors are not sure about the next step. For example, addresses with a balance of more than 1 million LTC maintained a stable balance throughout the day, which indicates waiting for exactly where the market will move before taking the next step.

Meanwhile, addresses with a balance of 1,000 to 100,000 LTC have shown an outflow of funds over the past couple of days. This category of addresses has accumulated rapidly on a recent day and now investors have decided to partially lock in profits.

Although LTC failed to bounce back from the support level, since August 21 it has shown a significant increase in #network volumes, which may be a sign of serious accumulation by the retail #market at the support line. However, retail traders have the least influence on the market, which explains the limited growth potential. They also provide liquidity for short-term speculators.
It is worth noting that the number of active and new addresses has increased over the past two days, but the lack of significant growth suggests that these addresses belong to retail buyers and their pressure has been neutralized by existing sales pressure.

The relative inactivity of the top LTC whales and the struggle of the asset for the support level indicate the need for caution, since the market can move in any direction. The optimal solution would be to wait for certainty in the market and then make investment decisions.