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RE: Litecoin Drops Below Key Support Level - An Update
I think this is a symptom of traders selling out of all cryptos across the board and pumping up distinct coins. XRP for example, has been pushed to the 2nd highest market cap recently and it's growth just keeps climbing. I'd be cautious as that type of exponential growth isn't healthy and there may not be sufficient support established for it. Litecoin is still a coin that makes a significant percentage of my portfolio and it dropping down in the recent weeks is just an opportunity to load up on discounted prices. If my predictions are true, then once XRP dumps out, all that money is going to flood back into the rest of the market. Our only choice right now for LTC is to hodl.
I don't fully understand why XRP has been on such a bull run lately (largely FOMO probably), but it must be getting stretched, so I might look at some charts for that soon. :-)
I'm a big Litecoin fan too, so I totally agree with this bit:
Absolutely right! I'm just trying to see where the bottom might be and/or a trend reversal and I'll be grabbing some more too.
Thanks for your comment @dzra!