What reasons could there be for one to hold off buying Litecoin (LTC)? After all, this is one to top ten cryptocurrencies with enough technological advancement going on to suggest they are on the right track. In making decisions before investing in a coin, the focus is mostly put on the platform’s underlying technology, the team, the community, and whether the project has a working product or not. All these have a bearing on what investors pay close attention to- the market performance of a coin.
Why you should not buy LTC now
There are other great reasons to buy these assets. However, one common reason why you should hold off buying LTC, is this. Litecoin is trading in the red, dropping double digits over the last 7 days. Litecoin is down 15% to trade at $113 against the US dollar.
The bearish trend is likely to hold for the next few days or weeks, compounded by sentiments around BTC. It, therefore, means that the prices could slide further making it cheaper to buy then than now. Of course, all these could change very first, especially if positive news came about.
If it remains bearish, holding off gives more opportunities to buy Litecoin at a lower price. However, because the market is expected to rally again, returns could be higher. The current prices are lower enough for any long-term investor to buy, but the downside of it is that they could drop even further.
Apart from this common reason, maybe there are specific reasons you should keep off the purchase of Litecoin for now.
The above reason makes sense more for Litecoin, as it is expected to recover and rally alongside other major cryptocurrencies. LTC is a standalone coin, but in many ways, comes out as Bitcoin’s lab. Most of the adjustments earmarked for the BTC network get implemented on LTC first. There was SegWit and now there’s Lightning Network. These should make Charlie Lee’s coin a clear bet for long-term holding.
However, the rapid integration and the impending listing on a major exchange could be of real benefit.For Litecoin, the reason you shouldn’t buy now revolves around what could happen to its price short term.