Litecoin experienced a noteworthy pullback last week, which threatened to wipe out gains. However, the bulls took over after a brief interaction with LTC’s 200-day moving average.
is inflation-proof. In other words, it ensures the scarcity of Litecoin’s circulating supply. This is particularly significant for LTC’s price action in the long term, especially as demand for the cryptocurrency continues to grow.
Fewer coins are released into the market with each halving. As such, growing demand for LTC, matched by a low circulating supply, means that demand may outweigh supply. This could be favorable to its price action in the long term.performance has also been quite interesting. It experienced a noteworthy pullback last week that threatened to wipe out previous gains and attempt another ascending support retest.
However, the bulls took over after a brief interaction with LTC’s 200-day moving average, and BTC was up by 7% in the last four days until press time. It traded at $89.49.Interestingly, Litecoin’s on-chain volume fell drastically within those four days despite the rally.
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