Litecoin has faced some terrible experiences in this year’s first quarter and most part of the second quarter.
At the start of the year, when the coin’s value started depreciating, so many people felt it was just a normal retracement due to the massive leap made by the coin at the close of 2017.
Litecoin (LTC) Price Today – LTC / USD
This time, the bears’ trendline has gone too far. At times, the coin acts as if it wants to continue a bull run only for people to see a greater decline than before.
This has made holders of the digital currency to lose trust in the coin, selling off the coin at a loss.
However, taking a look at factors presently at play, there are better days ahead for Litecoin.
Anytime from now, we expect Litecoin (LTC) value to rise again. Below are some factors that could make this happen.
Litecoin is now oversold
Currently, Litecoin (LTC) is in the oversold territory. The Litecoin value declined drastically, and majority of Litecoin holders are thinking of selling off the coins. In the financial market, the sinking of an asset into the oversold zone indicates that the asset’s value is much likely to rebound soon.
The oversold area doesn’t last for long before the break of the market happens with the bears’ forces overcoming those of the bulls. This is what Litecoin will soon experience. However, this rebound is unlikely to take Litecoin’s value back to its initial level, but gradually, it will move up.
NYDFS permits itBit to List Litecoin (LTC)
itBit is a digital currency trading platform regulated by the NYDFS to trade digital currencies in the United States.
Being a regulated exchange, lots of investors should be attracted to it. With itBit’s recent decision coupled with the fact that they have been permitted by the NYDFS to list Litecoin (LTC), we expect the value of LTC should increase.