The first quarter of this year and the best part of the second quarter was terrible for Litecoin. When the value of money began to depreciate at the start of the year, many people thought it was just a normal retracement because of the big leap that the digital currency had done 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 has lost interest to coin holders and has opted to sell money at a loss.
However, considering the factors currently at stake, Litecoin could be destined 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 make this happen.
Litecoin became oversold
At present, Litecoin (LTC) is 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, it is expected that the value of the rebound will decrease in a short time.
The oversold area needs only a short time before the market breaks and bears 'forces are overwhelmed by bulls' forces. This is what will soon happen to Litecoin. However, the rebound may not bring the 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 trading platforms that are regulated by the NYDFS for trade in 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.