Litecoin Price Crashes As Retail Investors Turn To New Altcoin Projects. Is LTC Going to Zero?
The Litecoin price has fallen by 2% in the past 24 hours, declining to $61.49 on a day that has seen prices drop throughout the market.
LTC has actually escaped lightly in relation to other coins, with the market as a whole now down by 5% today.
However, the alt remains down on all timeframes, suffering a 2.5% loss in a week, an 18.5% decrease in a month and a 4% decline in a year.
It seems that Litecoin’s status as an established and somewhat non-evolving alt is undermining its growth, with many investors prioritizing newer projects with more apparent potential.
To be fair to LTC, it has actually rebounded by 1% in the past hour, as buyers take advantage of the dip.
Its indicators reflect this sudden recovery in momentum, with its RSI jumping from under 30 late last night to around 50 as of writing.
It’s also promising that its 30-period moving average (orange) appears to have bottomed out, with its recent decline flattening and with the indicator looking like it’s ready to begin rising towards the 200-period average (blue) again.
In other words, Litecoin looks like it could mount a solid recovery over the coming days and weeks, given how oversold it is.
But because it remains down in the past year, it’s questionable as to how sustained and long-term any recovery may be.
LTC has certainly lost ground to other alts in the past year or so, with the coin’s current trading volume standing at only $350 million.
Not only that, but its highest volume for the year was $2 billion (from late March), whereas Bitcoin, Ethereum and Solana saw high volumes of $100 billion, $48 billion and $14 billion, respectively.
#litecoin pic.twitter.com/yFn1iS0WmL
In light of this gap, some traders and analysts believe that Litecoin is in the middle of a
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