The cryptocurrency industry experienced a sharp decline after the new coronavirus variant affected the whole world. The leading cryptocurrency Bitcoin (BTC) has accelerated its decline, which started after it actually touched $ 69,000, with this new news. While BTC suddenly dropped to $54,000, altcoins were affected much worse in general.
Same Signals Appear on LTC
Altcoins generally reacted by 10% or more to Bitcoin’s 8% drop. Solana is down 13%, Cardano 23%, XRP 15% and Polkadot 20%. Popular cryptocurrencies like SHIB are also showing a weekly drop of 20% or more, revealing how bad the situation is for altcoins. On the other hand, the signals given by an altcoin indicate that there may be a rise soon.
Once a constant member of the top 10 Litecoin, Although it has regressed to 17th place as of now, the signals on the network seem to be very important. The signals seen on the Litecoin network in November 2013 are now starting to show themselves again. LTC had gone from $5 to $63 in a matter of weeks at that time. In December 2017, LTC’s private rally took the price from $50 to $369.
The number of new wallet addresses on the network hit 16,961 on April 8, 2013, setting a record. On December 17, 2017, when a new record was broken in wallet addresses, the price started to rise. The same signal is visible right now and LTC’s reserve risk ratio and MVRV-Z score are showing bullish signals. Looking at the LTC purchases of wallets in the network for now, an oversold signal for LTC appears, indicating that there may be a serious explosion soon.
On the technical chart, it is possible to test the old record of $ 377. For this, the price must close above $200 again.
*Not Investment Advice.