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Altcoin Thursday: Litecoin (LTC)

11 November 2021 | ZebPay Trade-Desk
Litecoin (LTC) sometimes referred to as “Bitcoin lite” is a crypto asset that is designed to offer an instant peer-to-peer exchange of value at economical rates. The coin is one of the oldest in the crypto market and is considered a veteran who still leverages a large active community. 

The asset follows the tokenomics model only allowing a limited amount of LTC to be minted and currently the circulating supply is about 82% of the total supply. Due to the all upside market as well the high inflation the asset rose to touch its all-time high 2 days back. With Ripple launching a “Financing hub” which will support LTC along with BTC and Ethereum it continues to occupy a top place between the top currencies and ranking 14th in terms of market capitalization. 

LTC post correcting in September started its upward journey from October and rallied over 100% making the high of $302. However, the asset faced stiff resistance at $300 and corrected almost by 17%. LTC has strong support at $247 and if the price holds and sustains above this, then the bulls may resume the up move. A break below the support will lead to the further downfall and the asset may slide to the next support level which is at $225.

Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.


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