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The recent market correction seems to be more than a correction in terms of prices. It appears to be about righting most wrongs. For instance, coins that have been pumped into the past rallies without having solid fundamentals. Litecoin (LTC) seems to be one of those coins. Now that you have been the beneficiary of FOMO surrounding Coinbase listings, Litecoin (LTC) is now just another coin on Coinbase. The reason LTC / USD did not know its Coinbase listing was because it was the cheapest coin on Coinbase with a lot of room to go. Investors preferred to own one whole coin rather than a portion of Bitcoin (BTC).
Litecoin (LTC) also had a unique selling point back to the Bitcoin (BTC) failed at. It did not make much sense to use Bitcoin (BTC) for buying or selling things because it was slow and expensive. Litecoin (LTC) on the other hand was faster and cheaper. A lot of people back then they had no idea that we are going to see a plethora of new cryptocurrencies enter the market that can do the same thing! Litecoin (LTC) 's specialty is a lot of cryptocurrency projects today. After Litecoin (LTC), Bitcoin Cash (BCH) entered into a Civil War and Bitcoin Cash others refer to Bitcoin Cash ABC as Bitcoin Cash (BCH).
The point is, during the recent market correction we have seen useless projects go down in miraculous ways. Who would have thought that Bitcoin Cash (BCH) would go down in the way that it did? Similarly, ICOs that did not serve any particular function were stripped off their funding and forced to declare bankruptcy. Litecoin (LTC) is one of the few coins in the market which does not share the same outlook as the rest of the coins, both fundamentally and technically. We mentioned in Litecoin (LTC) how it could follow the same pattern as before. The price might climb up to $ 50 again but it is highly likely that it will fall again.
It is pertinent to the rest of the market; it has to do with Litecoin (LTC) alone because its previous price has not been in tandem with the rest of the market. In our next analysis on Litecoin (LTC) we will cover how Litecoin (LTC) can make a new low after the market capitulation. However, let us focus on why. If we look at LTCUSDShorts, we can see that the number of shorts has been dropped to the bottom of the ascending channel which means Litecoin (LTC) has room to go up temporarily. However, when it goes up, we are likely to see a higher surge in the number of Litecoin (LTC) shorts that will put pressure on the coin to push it down again.
