- Despite high network activity, LTC was down by nearly 15% in the last 30 days.
- Most metrics and indicators hinted at a continued price decline.
Litecoin [LTC] has failed to earn investors profits as it continues to drop on the list of the top 30 cryptos. However, the coin did manage to excel on a particular front.
In fact, Litecoin outshone both Bitcoin [BTC] and Ethereum [ETH], which looked pretty optimistic for the blockchain’s future.
Litecoin surpasses Bitcoin, Ethereum
Litecoin recently posted a tweet pointing out an interesting development. As per the tweet, LTC continued to dominate BTC and ETH in terms of authentic active addresses.
This closely signified the rise in LTC’s adoption and high network usage over the past months.
In fact, AMBCrypto’s analysis of Santiment’s data also revealed a similar picture. Litecoin’s daily active addresses remained high throughout the last 30 days, as the number exceeded 858k on the 6th of June.
Source: Santiment
LTC bulls take the back seat
Though the blockchain’s network activity and usage were commendable, the same can’t be said for LTC’s price action. CoinMarketCap’s data revealed that LTC’s price dropped by nearly 15% in the last 30 days.
At the time of writing, LTC was trading at $70.61 with a market capitalization of more than $5.27 billion, making it the 22nd largest crypto.
Things for LTC can get worse in the coming days as a key metric hinted at a price correction.
AMBCrypto’s look at Glassnode’s data clearly revealed an increase in the coin’s NVT ratio. Usually, a rise in the metric hints that an asset is overvalued, increasing the chances of a price drop in the following days or weeks.
For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume, measured in USD.
Source: Glassnode
To see whether the bears would continue to dominate, AMBCrypto then analyzed Litecoin’s daily chart. We found that most of the market indicators were in the sellers’ favor.
For instance, the MACD displayed a bearish advantage in the market. The Chaikin Money Flow (CMF) registered a downtick and was headed towards the neutral mark.
A similar declining trend was also seen on the Relative Strength Index’s (RSI) chart, hinting at a continued price drop.
Nonetheless, LTC’s price had touched the lower limit of the Bollinger Bands, hinting at a possible recovery soon.
Source: TradingView
Realistic or not, here’s LTC’s market cap in BTC terms
Our analysis of Hyblock Capital’s data revealed that if the price decline continues, investors might witness LTC dropping to $67 in the coming days.
However, in the event of a trend reversal, LTC might first eye $81.4 in order to begin a full-fledged recovery.
Source: Hyblock Capital
- Despite high network activity, LTC was down by nearly 15% in the last 30 days.
- Most metrics and indicators hinted at a continued price decline.
Litecoin [LTC] has failed to earn investors profits as it continues to drop on the list of the top 30 cryptos. However, the coin did manage to excel on a particular front.
In fact, Litecoin outshone both Bitcoin [BTC] and Ethereum [ETH], which looked pretty optimistic for the blockchain’s future.
Litecoin surpasses Bitcoin, Ethereum
Litecoin recently posted a tweet pointing out an interesting development. As per the tweet, LTC continued to dominate BTC and ETH in terms of authentic active addresses.
This closely signified the rise in LTC’s adoption and high network usage over the past months.
In fact, AMBCrypto’s analysis of Santiment’s data also revealed a similar picture. Litecoin’s daily active addresses remained high throughout the last 30 days, as the number exceeded 858k on the 6th of June.
Source: Santiment
LTC bulls take the back seat
Though the blockchain’s network activity and usage were commendable, the same can’t be said for LTC’s price action. CoinMarketCap’s data revealed that LTC’s price dropped by nearly 15% in the last 30 days.
At the time of writing, LTC was trading at $70.61 with a market capitalization of more than $5.27 billion, making it the 22nd largest crypto.
Things for LTC can get worse in the coming days as a key metric hinted at a price correction.
AMBCrypto’s look at Glassnode’s data clearly revealed an increase in the coin’s NVT ratio. Usually, a rise in the metric hints that an asset is overvalued, increasing the chances of a price drop in the following days or weeks.
For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume, measured in USD.
Source: Glassnode
To see whether the bears would continue to dominate, AMBCrypto then analyzed Litecoin’s daily chart. We found that most of the market indicators were in the sellers’ favor.
For instance, the MACD displayed a bearish advantage in the market. The Chaikin Money Flow (CMF) registered a downtick and was headed towards the neutral mark.
A similar declining trend was also seen on the Relative Strength Index’s (RSI) chart, hinting at a continued price drop.
Nonetheless, LTC’s price had touched the lower limit of the Bollinger Bands, hinting at a possible recovery soon.
Source: TradingView
Realistic or not, here’s LTC’s market cap in BTC terms
Our analysis of Hyblock Capital’s data revealed that if the price decline continues, investors might witness LTC dropping to $67 in the coming days.
However, in the event of a trend reversal, LTC might first eye $81.4 in order to begin a full-fledged recovery.
Source: Hyblock Capital
can you get clomiphene without insurance where can i buy clomid pill can i order cheap clomid for sale clomiphene pills how can i get generic clomiphene without prescription can you get cheap clomid without insurance where can i buy clomiphene tablets
I couldn’t resist commenting. Warmly written!
This is a question which is forthcoming to my heart… Myriad thanks! Quite where can I lay one’s hands on the acquaintance details an eye to questions?
buy zithromax generic – buy ofloxacin tablets order flagyl 200mg pills
order rybelsus 14mg – buy semaglutide cheap periactin 4 mg brand
domperidone 10mg over the counter – purchase domperidone without prescription cyclobenzaprine 15mg for sale
order augmentin 375mg sale – atbioinfo.com buy ampicillin generic
order nexium pills – nexiumtous order esomeprazole 40mg generic
warfarin 5mg us – cou mamide order generic cozaar
mobic over the counter – https://moboxsin.com/ meloxicam without prescription
cheap deltasone 10mg – https://apreplson.com/ prednisone 10mg brand
pills for erection – https://fastedtotake.com/ where can i buy ed pills
amoxil online – cheap amoxicillin without prescription amoxicillin buy online
cenforce 100mg price – buy cenforce tablets buy cenforce 50mg pills