During the first three months of 2018, Litecoin traded relatively well. However, the traction seems to have stopped and the price is now heading south. For a few weeks now, Litecoin, the silver to Bitcoin’s gold, has been struggling to hold above the $100 level. Last week, it fell onto the upper parts of $90. The performance appears to be going from bad to worse.
Litecoin Price Analysis
The fall in price started in February and even if it appeared like a normal shift Litecoin has been unable to fully recover since then. The price fall has diminished the trust of investors in the coin. Even with the general bear market, investors didn’t expect Litecoin to fall below the $100 mark.
Many coin holders are beginning to sell off their coins and invest in more promising options. While this may seem like the rational thing to do, it’s too early to make such a rash decision. This is because the drop in price is only a short-term shift and the price will get back on track soon.
One of the reasons why the price of Litecoin is falling is that it is currently in the oversold level. Investors have entered into panic mode and are selling off their coins. This trend is typically followed by a rebound which would boost the price of the coin within no time.
The Bulls will soon over shadow the bears and the price or Litecoin will head north again. Going to its former glory, however, may require a little more time. Just like every other coin that is struggling to recover, Litecoin has to recover too and rebuild the trust of investors.
Getting listed on a NYDFS regulated exchange is one factor that will contribute in boosting the price of Litecoin. A grand entry and acceptance to the US market indicates that a boom is imminent. The value of Litecoin will recover soon.