Connect with us
Active Currencies 14778
Market Cap $2,557,616,555,646.10
Bitcoin Share 51.24%
24h Market Cap Change $0.70

Litecoin’s celebrations may cut short thanks to this event gate-crasher 

2min Read

Share this article

Litecoin [LTC] had some good news to share with the crypto community as it mentioned that LTC had zero downtime in over 11 years of its existence. This represented the reliability of the blockchain. Moreover, Litecoin also marked its 11th birthday, which in itself was a commendable achievement. 

 

However, these positive developed failed to show up on the LTC chart as it registered a 5% decline in its price over the last week. At press time, LTC was trading at $51.24.

Source: CoinMarketCap

_____________________________________________________________________________________

Here’s AMBCryoto’s Price Prediction of Litecoin (LTC) for 2023-24

_____________________________________________________________________________________

What is happening? 

Litecoin also announced another update that may give some hope to investors for a price correction. For instance, LTC’s MWEB was more accessible to users as a mobile version was released.

This would further improve the accessibility and availability of the network as it added much value to the Litecoin ecosystem. Though everything looked positive for LTC, the coin’s on-chain metrics suggested otherwise. 

For instance, LTC’s volume marked a considerable decline over the last few days. LTC’s development activity also followed a similar route and declined, which by and large was a negative signal of a blockchain. However, despite going down over the last week, LTC’s Market Value to Realized Value (MVRV) ratio registered an uptrend. 

Source: Santiment

Not only this but LTC’s daily active addresses also registered an uptick lately, which was a positive signal for the blockhain. 

Source: Santiment

Bears at play

A look at LTC’s daily chart of 16 October revealed a bearish picture as most of the market indicators suggested a price fall in the coming days. Exemplar, the Relative Strength Index (RSI) registered a slight uptick but was resting way below the neutral position.

LTC’s Exponential Moving Average (EMA) Ribbon revealed a bearish advantage in the market as the 20-day EMA was resting way below the 55-day EMA. The Moving Average Convergence Divergence (MACD) also registered a bearish crossover, which further decreased the chances of a price surge. 

Source: TradingView

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.