Though Litecoin might not be everyone’s favorite in the marketplace, it is among the alts boasting a high adoption rate in the crypto space. Furthermore, the crypto depends on adoption to avoid extinction as it has nothing to offer given the DeFi capability absence.
LTC Witnesses White Again
Usually, analysts connote price falls when they term the crypto as seeing red. Nevertheless, Litecoin witnessed white since the latest plummets took the alternative token back into downswings that tormented the crypto for more than eleven months now.
Litecoin tried another escape last month following the failure in 2021 November. The alt appeared successful for the most period as it tested the critical support at $123 in the same period.
Nevertheless, the 9% drop on April 6 saw LTC returning to this downside wedge, which narrows with each passing day. The altcoin tested the top trend-line as resistance at this publication. Failure to breakout soon could see Litecoin hitting the lower trend-line as support near $102.59.
Now, recoveries seem unlikely as LTC indicators remained against such possibilities. Furthermore, market players may escape the Litecoin market in the coming sessions. According to the asset’s velocity, the alt hasn’t changed hands frequently lately.
That could reflect the on-chain transaction losses that surpassed transactions in profit over the past few days. The marketplace saw similar patterns when LTC traded near $103 during the early sessions of March.
However, LTC shared a 95% correlation with BTC. Litecoin might launch gradual recoveries if the leading crypto prevents another fall.
Meanwhile, LTC lost the footholds at 50- and 100-day Simple Moving Averages, and continuous action beyond the candles might see the crypto dropping through the downside wedge (bottom trend-line). The coming week remains critical in determining that, as LTC may receive backing from the many ecosystem developments it saw over the past couple of days.
Meanwhile, Litecoin boasts massive demand in the marketplace, ranging from inclusion in the 11 new no-tradable CME Crypto Reference Rates & Real-time indices to Robinhood’s 20M cryptocurrency wallets activation to create the Crypto Research Lab from the LTC Foundation.
