Friday, December 2, 2022

Litecoin’s Trajectory Looks Poor Despite Being In The Green: Analysis

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Litecoin’s trajectory looks poor despite being in the green today however, the altcoin hasn’t been in a good state for quite some time. Litecoin investors suffered losses and the coin overturned its growth from the first half of the month as we can see more in our latest Litecoin news.

December could bring some redemption if Litecoin doesn’t lose any momentum. Litecoin’s trajectory seems poor this month despite being in the green but when compared to October, this month didn’t see quite as many inflows. Most altcoins still managed to sustain minimal inflows but LTC was the only coin that registered outflow worth $0.6 million months to date.

litecoin AHT
Litecoin all-time high and low, Source: IntotheBlock

As discussed in the past, Litecoin’s biggest weapon was adoption and since it doesn’t have DeFi to back it, the coin was preferred among traders. However now, it seems that adoption is not helping it either. Regal Cinemas for example announced that it will start accepting Litecoin as a payment medium but other than that, the crypto hasn’t seen a lot of network developments.  The recent 23% drop in LTC’s value over the past few weeks led to a loss of confidence in investors as we can see in the charts as it also contributed to the exodus of thousadns of investors.

ltc price
Litecoin price action Source TradingView

This only confirms the fact that the accumulation is now off the table as the sold LTC is being moved around wallets that are backed by both the reducing coin age and the increase in velocity. What’s more, it is that Litecoin is still among the few altcoins that haven’t hit an all-time high this season. The slow recovery over the past few months led to a lot of investors recovering the losses that they have been facing in the past few months so, for the investors that are wondering how December could turn out for Litecoin, the month could start on a good note as the price indicators are proposing bearish sentiments that recede. The 9% hike in the past 72 hours could also help spark the December price surge.

As reported recently, Litecoin’s 10-year anniversary was celebrated on the 14th of October which is when the network first went live but sadly, it arrived when the asset recorded its all-time low against Bitcoin. To learn about the real-time value of Litecoin, make sure to check our Litecoin price calculator.

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