The first quarter of this year and the best part of the second quarter was terrible for Litecoin. When the value of the currency began to devalue at the start of the year, many people thought it was just a normal retracement due to the great leap forward in the digital currency at the end of last year.
This time, the bear trend line has gone too far. At times, the digital currency behaves as if it wanted to continue an upward trend only to end with a significant drop compared to before. This led to the holders of coins losing interest in the currency and decided to sell the money at a loss.
However, considering the factors currently at stake, Litecoin may be looking for better days. Due to some underlying developments, the value of Litecoin (LTC) is expected to increase again at any time. Here are some factors that could cause this.
Litecoin has become oversold
At present, Litecoin (LTC) is located in the oversold territory. The value of Litecoin has decreased dramatically, and there are so many sales of panic and an excessive reaction to the market. Almost all LTC owners are thinking of selling. In the financial market, when a resource goes deep into the oversold zone, the value of the business is expected to decline rapidly.
The oversold area is only allowed for a short time before the market breaks and the bears 'forces are overwhelmed by the bulls' forces. This is what will soon happen to Litecoin. However, the rebound may not bring the value of LTC back to its original level, but it will start to rise gradually.
NYDFS gives Bit the Green Light to List Litecoin (LTC)
itBit is one of the digital currency exchange platforms regulated by the NYDFS for the trade of digital currencies in the United States. Being a regulated exchange, it is expected to attract many investors. The recent decision of It Bit and the fact that the NYDFS gave them a green light to list Litecoin (LTC) should correct the highest LTC value.