VOT Research Desk
Since the collapse of FTX, the price of Litecoin has been performing comparatively better than most other cryptocurrencies.
Litecoin has maintained its demand despite swings in the cryptocurrency market, as shown by the use of the alternative currency.
Litecoin emerged as the second-largest asset by use in the total transactions made on BitPay in the month of October. LTC came in second place to Bitcoin with over 25% of all crypto transactions, accounting for 46.38% of all transactions.
After increasing in value by 22% after the FTX-caused fall in the cryptocurrency market, the price of Litecoin is currently $62.1. About a week ago, the altcoin started an ascent, which it has maintained ever since.
The bullish perspective is supported by the presence of the blue dots of the Parabolic Stop and Reverse (SAR) beneath the price of Litecoin. This indicator is intended to draw attention to both the present trend and potential trend reversals.
If this upswing continues, Litecoin may be headed for the $64.3 immediate barrier. For the price of Litecoin to increase and overcome the significant resistance at $67.3, this level must be turned into a support floor. If purchasing pressure persists, LTC may be on track to hit the highs of May.
However, it’s crucial for traders who want to hold Litecoin long to take into account the ongoing concern over contagion.
The trajectory of LTC may be impacted if this causes the crypto market to drop. Litecoin price may gradually dribble down into the support level at $56.1 if the altcoin is affected by bearishness.
The price of Litecoin might drop even further from this point, testing $49.9 as crucial support on the way to the price it was at after the meltdown on November 9. Overdrawdown might be avoided with a bounce there. Investors would only be left with the possibility of a rebound from the $42.9 June lows, however, if a daily candlestick close fell below $49.9.
