Price Analysis

The First Existing Altcoin, Litecoin Price Could End Accumulation Very Soon, Here’s Why!

news-image

Way back in 2009 Bitcoin became the first cryptocurrency in the market. Later within a couple of years, yet another asset incepted its presence. And from this coin, the concept of alternative coins or ALTCOINs emerged and laid their roots much stronger compared to Bitcoin. 

Advertisement

So which is the first altcoin still in existence! Not Ethereum, It was Litecoin or LTC, the Lite version of Bitcoin, which began its journey on October 13, 2011. Very soon, the asset will complete its 10-year long trading history and the community seems to be much excited about the achievement. The creator of Litecoin, Charlie Lee recently shared a thread on his experience of the Litecoin journey. 

The Litecoin price despite being among the primitive crypto assets, yet is said to be heavily undervalued. As the other assets like Bitcoin, Ethereum, etc had a gigantic rally, Litecoin is currently struggling hard to hit $200. And hence many believe the asset may have been kept aloof from the mainstream. 

Also Read: Ethereum Picks up Pace! ETH Price to Hit $30k by May 2022, Here’s how

Litecoin Price Analysis, Will LTC Price Break $200 Today?

Litecoin price was comfortably following an uptrend which levelled up the price above $220. However as the China FUD circulated within the space, the asset declined drastically but held strong above $160. Since then the asset is consolidating heavily and also faced a downtrend a couple of times. Yet the trade reversed with the beginning of the current month which uplifted the price from $140 to as high as $185. 

ltcprice
Source: Tradingview

The LTC price is following a healthy uptrend since the beginning of October 2021. While marching ahead of the crucial resistance zone in between $187 to $189, the asset faced a rejection, however, it’s already retraced by bouncing off the uptrend line. And hence the primitive altcoin needs to pierce through the resistance zone so that the path towards $200 could be easily achievable. 

Collectively, compared to the Bitcoin & Ethereum price which are above $50,000 and $3000 respectively, Litecoin price is extremely undervalued. Yet in the upcoming days with more advancement and wider adoption, LTC price could range high. And also give a pretty tough fight for the other popular altcoins in the crypto space. 

Also Read: XRP and ADA Are Fading Among Emerging Coins!

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button