Altcoin Thursday: Litecoin (LTC)
11 November 2021 | ZebPay Trade-Desk
Litecoin (LTC) sometimes referred to as “Bitcoin lite” is a crypto asset that is designed to offer an instant peer-to-peer exchange of value at economical rates. The coin is one of the oldest in the crypto market and is considered a veteran who still leverages a large active community.
The asset follows the tokenomics model only allowing a limited amount of LTC to be minted and currently the circulating supply is about 82% of the total supply. Due to the all upside market as well the high inflation the asset rose to touch its all-time high 2 days back. With Ripple launching a “Financing hub” which will support LTC along with BTC and Ethereum it continues to occupy a top place between the top currencies and ranking 14th in terms of market capitalization.
LTC post correcting in September started its upward journey from October and rallied over 100% making the high of $302. However, the asset faced stiff resistance at $300 and corrected almost by 17%. LTC has strong support at $247 and if the price holds and sustains above this, then the bulls may resume the up move. A break below the support will lead to the further downfall and the asset may slide to the next support level which is at $225.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $225 | $247 | LTC | $275 | $300 |
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