• Litecoin [LTC] has become one of the best-performing cryptocurrencies in Q4 2022, likely continuing this trend in Q1 2023.
• Recent observations have revealed significant interest in LTC, as it is currently the second most transacted cryptocurrency on BitPay.
• Litecoin’s price action during the last two or three months indicates that it is trading within an ascending price channel, retracing after coming into contact with the ascending resistance and bouncing off its ascending support towards the end of December.
Litecoin [LTC] has been gaining recognition in terms of transaction activity, making it ideal for fast-paced trading. After the cryptocurrency turned out to be one of the best-performing cryptocurrencies in Q4 2022, investors are now asking whether or not it will maintain this trend in Q1 2023. Recent observations have revealed significant interest in LTC, making a strong case for its potential as a good short trade as it swings within a 2-month range.
To understand the current state of LTC, it’s important to take a look at the recent updates. According to the reports, Litecoin is currently the second most transacted cryptocurrency on BitPay, the largest crypto payments processor in the world. To put it into perspective, roughly one out of every four transactions on BitPay involved Litecoin. This means that the cryptocurrency has been gaining traction and could potentially be a good short-term trade.
Analyzing Litecoin’s past performance is also key in determining its potential for the coming months. During the last two or three months, the cryptocurrency has been trading within an ascending price channel. It retraced after coming into contact with the ascending resistance and bounced off its ascending support towards the end of December, followed by a rally. However, the current rally seems to have lost momentum after reaching the resistance line, which could be an indication of a potential bearish trend in the near future.
The interest in Litecoin has been steadily increasing, with more and more investors turning to the cryptocurrency as a viable option. This could be a sign of potential gains in the future, but investors should still be cautious and keep an eye on the market for any changes. As the cryptocurrency continues to gain traction, it will be interesting to see how it performs in the coming months.