Hot Crypto News Today Litecoin [LTC]: What is a ‘good time’ to buy into the altcoin You Must Read To Get More Information For Trading and Investment.
One of the first proper alternatives to Bitcoin, Litecoin has amassed a huge following all across the crypto-community. While never as popular as BTC, LTC has carved a niche for itself, with its price valuation reflecting the same as well.
Like most altcoins, Litecoin registered an incredible price rally too. Towards the beginning of 2021, it climbed from $125 to nearly $400, before falling to where it is now – Trading below even its early-2021 levels of ~$114.
However, there seems to be light at the end of the tunnel.
On the charts, Litecoin seems to be falling into a descending wedge and a breakout over the upper resistance trendline can potentially bring about a major rally. That is, provided the broader market behaves well. In fact, it is well-positioned with the RSI at 50 and just millimetres away from a close above the 50-day moving average.
Fundamentally, it looks like a strong recovery candidate too. LTC’s BitMEX basis ratio has remained reasonably in the positive zone. This suggested that Futures have enjoyed a premium over spot prices. It also goes on to suggest that derivatives traders and investors have so far stayed optimistic about the future of this altcoin.
Litecoin’s perpetual futures funding rates across exchanges like Binance, BitMEX and FTX have stayed positive too, further attesting to the above inference.
This indicates that derivatives traders with long positions are willing to pay the difference to keep their positions open.
Litecoin’s on-chain Daily Active Addresses have remain fairly steady too, despite the fall in prices since November of last year. This is a sign that users on the network still trust and have faith in it over the long run.
However, not everything seems rosy for this particular altcoin. Santiment’s Adjusted Price DAA Divergence tool flashed a major sell signal on the chart.
Looking at the magnitude of the latest red bar on the chart, a correction in the short term may be expected.
Ergo, the overall picture seems quite optimistic for Litecoin going ahead. A gradual accumulation as you go along, with buying the dips, could be the best strategy for this altcoin.
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