Litecoin has maintained decentralized operations all along. While LTC is bearish right now, the stats seem bullish

The Litecoin [LTC] Foundation took every opportunity to highlight why LTC was a superior cryptocurrency. This included all Black Swan instances that happened in 2020. This is because those incidents exposed cracks or vulnerabilities in many crypto projects.

Read Litecoins [LTC] Price Forecast 2023-24

A common feature that highlighted the vulnerability was centralized operations. The CEO of the Litecoin Foundation, Alan Austin, has released an update confirming that they have maintained a decentralized approach with their operations.

This included funding its activities using donations and volunteers rather than sitting on a thick pile of cash.

Austin also noted that one decision made by the Litecoin Foundation was community-based. In the past, there have been cases where entire crypto organizations collapsed due to centralized or individual decisions.

In addition, Litecoin also took steps to facilitate access. For example, the network has expanded the accessibility of ATMs by no less than 7.8% in the past 12 months so far.

This development emphasized Litecoin’s goal of ensuring that people have easy access to the cryptocurrency. In other words, the network made gradual slides that would help with adoption.

Summary of Litecoin price action

Last week, a higher RSI divergence setup price was observed in Litecoin, a pattern often associated with a bearish outlook. Fast forward to December 12, and LTC fell more than 9% from its weekly high of $84.97 to $74.98.

Source: TradingView

Litecoin’s Money Flow Index (MFI) registered an outflow last week due to selling pressure. However, this week started with a manifestation of incoming buying pressure. If this trend continues, the downside of LTC may be limited.

Evaluate the potential for a bullish recovery

Litecoin’s ability to bounce back from its current range would depend on whether it could generate enough buying pressure at the time of writing. Most of the selling pressure came from addresses with between 10,000 and a million coins.

Whales between 1,000 and 10,000 LTC and those with more than a million coins added to the buying pressure at the time of writing.

The lack of uniformity among the top whales in terms of buying and selling pressure also made it difficult to determine whether the trend would continue or reverse. Nevertheless, current weighted sentiment remained upbeat.

Source: Sentiment

The analysis above showed that whether buying pressure was returning at the time of going to press, even though there was still some selling pressure. Either way, LTC’s performance in the coming week will largely depend on the general state of the crypto market.

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