Why Litecoin [LTC] was one of the best coins to hold this week despite the downside
The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.The altcoin offered profit-making opportunities this weeksince October, chances are that you felt less of a pain from its bearish performance this week than most other cryptocurrencies. This is because LTC’s crash this week only undid the gains it achieved since the end of September.
LTC’s ability to resist more downside is already a healthy sign for traders and investors. In addition, it pulled off a 6% upside in the last 24 hours at press time, confirming noteworthy bullish demand.The fact that Litecoin’s money flow managed to stay above October lows can be interpreted as a sign of relative strength. Now the question is whether we will see LTC regain the previous bullish momentum we observed in the last week of October.
Litecoin’s upside in the last 24 hours is a confirmation of strong demand near its current weekly low. The good news is that the upside was backed by substantial whale activity as indicated by the increased whale transaction count.Can Litecoin sustain enough demand to go back to its recent highs? Well, it will require a strong bullish sentiment to achieve this. Fortunately, there are some recent developments that may encourage and maintain a positive sentiment shift.
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