Litecoin/LTC is a native coin of the Litecoin network created by Charlie Lee and whose transaction takes place from one peer to another. This makes it to be considered as a decentralized asset. The first litecoin peer address must pay a transaction fee in order for the transaction to be initiated to the second litecoin peer address by the miners running the network. The transaction fee is being shared to the litecoin who first initiate the transaction.The miners secure the litecoin network as well as validate transaction taking place on the network. This makes litecoin to be considered to be using the proof of work consensus. Just like in Bitcoin, litecoin is considered to be well tradeable since it has a high liquidity. Because of this, it has a huge community of traders who are able to trade in both in an upward and downwards direction and be able to profit from it. We can there analyze the weekly price prediction for litecoin based on traders behaviour as follows;
Traders behaviour
Since litecoin has a huge community of traders just like in Bitcoin and ethereum,it can therefore be easily traded both in upwards and downwards direction. Therefore we can say that as more number of litecoin traders are buying a given amount of litecoin as compared to few traders selling it, then the market will be moving downwards with few traders selling it so that it profits with those few sellers and make many buyers to make some loses. On the other hand, if there are more number of sellers selling their given amount of litecoin as compared to few buyers buying it, then the litecoin market will move upwards with few number of buyers so that it can profit with those few buyers and those many sellers make some loss in the market. Since the litecoin has been moving in an upwards direction since the beginning of this week, the weekly analysis can further be explained as below;
1. Bullish litecoin price analysis based on traders behaviour
In a bullish market, the litecoin will be moving in an upwards direction. Since the beginning of this week(2nd March 2020), the litecoin market has been moving in an upwards direction. This may further continue until the beginning of next week. This upwards direction has been as a result of the number of sellers being more than the number of buyers trading the litecoin. Because of this, upward market pressure is being experienced thus causing the market to continue moving upwards in order to profit with few buyers and makes many sellers make some loss. As a litecoin trader, you can either sell your litecoin at current price of around $60.50 or you can wait for the price to rise to above a$65 and make your sell so that you don't lose the profit which your trading account will have managed to generate since, after the rise, the litecoin will start a downward movement all the way to below $60.00. Here is the weekly price analysis for litecoin;
The above is the litecoin market in terms of USDT. Two points are being indicated. There is point A and point B. Before point A, the litecoin can be seen to have been moving in an upwards direction all the way to $62.00. This upward movement has been due to more number of sellers selling a given amount of litecoin and few number of buyers buying a given amount of litecoin with their USDT balance. Because of this, the litecoin market gains an upward pressure thus causing the market to move with few buyers upward where it profits with them and make those many sellers make some loss. The number of buyers then exceeds the number of sellers thus causing the litecoin market to resist to continue moving upwards. Because of this, the market slightly experience a downwards pressure and moves downwards to point A at $59.50. The number of sellers again exceeds the number of buyers at point A thus causing the market to gain an upwards pressure again and moves upward to point B at above $62.00. If the number of sellers will continue to exceed the number of sellers, then there is possibility of the market to continue moving upwards the whole of this week all the way to around $65. As litecoin trader, if you had previously purchased a given amount of litecoin and you are currently holding, then this is the right time to sell so that your account grows in terms of USDT. You can either sell at a current price of $60.50 or you can wait for the market to go as high as $65 and make your sell since after that, the market will start moving downwards in one week from now.
Summary
On Monday, March, the 2nd of 2020, the litecoin price was trading at around $56. The market then started to rise all the way to $62.00. This increase in price has been due to more traders selling than those buying thus creating an upward market pressure where the market profit with buyers and makes many sellers make some loss. Therefore, we can say that when more buyers are buying than those selling litecoin, the market will be moving downwards with those few sellers selling litecoin so that it profits with them while when more sellers are selling than the number of buyers buying, then the market for litecoin will be moving upwards with those few buyers so that it profits with them.
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