Litecoin garners second spot in the list of most traded cryptocurrencies on BitPay

• Litecoin gained designation successful presumption of transaction activity, which made it perfect for fast-paced trading.
• Assessing LTC’s imaginable for a bully abbreviated commercialized arsenic it swings wrong a 2-month range.

Litecoin [LTC] turned retired to beryllium 1 of the best-performing cryptocurrencies successful Q4 2022. The cryptocurrency volition apt support this inclination successful Q1 2023 according to caller observations, which revealed important involvement successful LTC.

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Read Litecoin’s [LTC] Price Prediction 2023-24

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Litecoin’s latest update whitethorn connection a clearer thought of what to expect for the adjacent fewer weeks. According to the update, Litecoin is presently the 2nd astir transacted cryptocurrency connected BitPay, the largest crypto payments processor successful the world. To enactment it into perspective, astir 1 retired of each 4 transactions connected BitPay progressive Litecoin.

The latest numbers are retired and Litecoin is notably the 2nd astir transacted currency with world's the largest crypto outgo processor! 1 successful 4 transactions are utilizing #Litecoin⚡ $LTC & @BitPay making it easier to #PaywithLitecoin pic.twitter.com/trBPrRWJIk

— Litecoin (@litecoin) January 5, 2023

Litecoin bears regain dominance

If the update is accurate, past Litecoin investors tin expect absorbing times ahead. This is important considering Litecoin’s show successful December.

Litecoin experienced a sizable retracement successful December but has truthful acold held connected to immoderate of its November gains. Interestingly, its terms enactment during the past 2 oregon 3 months indicates that LTC is trading wrong an ascending terms channel.

The cryptocurrency retraced aft coming into interaction with the ascending absorption and bounced disconnected its ascending enactment towards the extremity of December.

The consequent rally that occurred towards the extremity of December seems to person mislaid momentum aft peaking astatine $77. The bears person taken implicit since then. This reflected outflows indicated by the MFI, arsenic good arsenic a diminution successful comparative strength.

If Litecoin’s downside continues, investors should expect astatine slightest different 4% earlier the terms drops backmost to the enactment range. There are aggregate on-chain observations that enactment the expectations of bearish pressure. For example, the weighted sentiment has been connected a downward trajectory since the commencement of January.

LTC’s transaction number has besides tanked, indicating little request astatine the existent terms level. Note that these changes are occurring aft a important upside, which means determination mightiness beryllium capable liquidity to enactment profit-taking. This is confirmed by the 90-day mean coin age, which has been connected an upward trajectory since mid-December.

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A 58.66x hike connected the cards if Litecoin hits Bitcoin’s marketplace cap?

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There was a surge successful whale activity successful the past 2 days. This mightiness beryllium a reflection of profit-taking from immoderate whales.

While the profit-taking has pushed for a flimsy terms drop, determination whitethorn beryllium an extended downside for the adjacent fewer days if it continues. If this happens, past investors tin expect a enactment retest. The deficiency of beardown whale enactment whitethorn bespeak that astir traders person opted to clasp their mode up.