Fellow Traders, It's been some time ooo. How is trading?
Litecoin fell 19.6% over the past week between 21st to 26th August, 2023. Prior the bearish trend, Litecoin’s price dropped 24% on August 17, hitting a yearly low before rebounding slightly.
Bitcoin and Ethereum also experienced declines of a similar magnitude.
Reasons for the crypto market’s decline
(1) The strengthening of the US dollar. (2) Reports of a sizable crypto sell-off by SpaceX. (3) Rising US government bond yields.
Why you should trade Litecoin now.
(1) Following the halving event, many bearish signals emerged within the Litecoin network.
(2) In July 2021, LTC’s yearly low took the number of long-term holders to 100,000, causing a 32% rebound by year-end.
(3) In a 2022 low, the number of long-term holders grew to 870,000, ultimately leading to a 60% rebound.
Litecoin’s long-term outlook is positive due to its global popularity, sizable community and the advantages the network offers, like speedy and affordable transactions.
Considering the above, wise traders now focus their attention on buying LITECOIN at the current low-value bearish point for a higher profit from imminent upsurge in the nearest future.
Trade Litecoin in Forex mode on Olymp Trade.
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