Is It Too Late To Buy Litecoin? Expert Predicts Ideal Buying Points Based On Past Trends

Last updated: June 20, 2024

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Is It Too Late To Buy Litecoin? Expert Predicts Ideal Buying Points Based On Past Trends

Earlier this month, the decentralized Peer-to-Peer (P2P) cryptocurrency Litecoin (LTC) saw its transaction surge to a reasonable height, surpassing Ethereum in market activities and reigniting investors’ interest in the token as they scramble to buy Litecoin.

At the time of press, CoinGecko’s statistics revealed that the Bitcoin-inspired crypto asset is changing hands at about $74, reflecting a 3.2% upswing in the past 24 hours. Despite registering decrements of about 6.7% and 12.1%, respectively, in its 7-day to-date and 14-day-to-date statistics, the coin’s 24-hour minimum and maximum price range reflected remarkable improvements at $70.89 and $74.95.

Litecoin remains the twentieth most valuable crypto asset, with a market cap of about $5.5 trillion, a fully diluted valuation of approximately $6.2 trillion, and a 24-hour trading volume of roughly $344.3 million.

Market Expert States Price Levels To Buy Litecoin

Amid the declines that hit the crypto market, resulting in price plunges across several crypto assets, a market expert has maintained that now is not the right time to delve into Litecoin’s profit-oriented investment.

Taking to X, a verified user and crypto market expert with over 16.2K followers, cited historical trends to spotlight safe price levels to buy Litecoin with massive potential of making tremendous profits.

Highlighting a previous pattern from 2018 on a shared chart, the market expert stated that the best time to accumulate LTC is at the $68,000 price level or even lesser values.

Asserting confidently, the X analyst encouraged his followers to erase doubt and buy Litecoin once it plunges to the above-highlighted price marks. Stressing further, the market expert added, “This mathematically is the bottom and will 100% make you money; this is financial advice.”

If Litecoin hits $68 or lower, you BUY without question. This is the trend line from 2018. This mathematically is the bottom and will 100% make you money. This is financial advice. $LTC pic.twitter.com/mLvYw849H6

— $DUK SHIŁŁ3R (@SHILL3R_eth) June 18, 2024

Will Litecoin Decline Further?

Considering the above market expert’s analysis, it becomes pertinent to query the possibilities of LTC dropping further to at least $68,000 for investors to accumulate the tokens.

Notably, Coincodex’s risk assessment analysis could come in handy to glimpse how Litecoin’s future unfolds. According to the crypto assets tracker platform, Litecoin does not seem to boast qualities that could result in a sudden price drop.

Coincodex noted that LTC has a medium supply inflation and medium volatility at 2 and 3.87%, respectively. Sentiments remain bearish even though the “Fear and Greed Index” indicates greed.

Coming to Litecoin’s risk assessment proper, the coin price has dropped by 3% from previous years, 91% of the top-ranking digital assets outperformed it, and it has been trading below the 200-day Simple Moving Average (SMA).

In a real sense, the above statistics should indicate a poor market outlook for Litecoin, implying higher chances of plummeting further.

Implications Of Further Price Declines

According to Litecoin’s statistical summary on renowned crypto assets data analytical outlet IntoTheBlock, despite boasting a reasonable percentage of long-term holders, the number of LTC owners making profits at the coin’s current price is abysmal.

Litecoin Analysis

Source: IntoTheBlock

Intriguingly, 77% of LTC holders have held on to the token for more than a year, 17% have owned the coin between a month and a year, while only 6% have held LTC for less than a month. At Litecoin’s present price, only 28% are in profits, 8% are neither losing nor gaining, and 64% are losing.

Invariably, further declines in LTC’s price would result in more holders recording losses, which could ultimately make prospective investors lose faith in the token and induce rapid sell-offs among the coin holders.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Chinedu Agbakwusi

Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.

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