Litecoin is often touted as “Silver to Bitcoin’s Gold”. A mantra that evidence would suggest the crypto market is buying when comparing the last boom cycle to the current. Litecoin's value traded at a ratio low of 0.0075 mid November, a drop of just over 84% on the previous cycles highs of 0.047. However this cycle has not seen that same level of , having since dropped just over 60% from the last high of 0.05198 to a current cycle low of 0.0205 (Currently trading just below 0.024 at time of writing). However it must be noted, this current cycle has not yet transitioned into yet another boom, nor are there any guarantees that it will. So governed by ratio alone there is certainly room for more devaluation of Litecoin.
That said, the dominant feature on the logarithmic chart above is the underlining uptrending support that has for the most part successfully contained Litecoin’s growth in value, albeit on 3 separate occasions. These occasions, have historically presented themselves as a uniform signature, pre emptying each and every major move higher! At the time of writing we are just riding above this support on the daily. Any more downward pressure on Litecoin's value right now would force a breach of this longterm support. Considering the history of this trade, & Litecoin’s current value compared to the massive exposure it has been receiving as the premier Altcoin, any value south of this support line is an amazingly rare trading opportunity.