- LTC’s price increased by more than 3% in the last seven days.
Most indicators looked bullish, but a few metrics suggested otherwise.
As a crypto investor, I’ve noticed that Litecoin (LTC) had a good week with its price surging and reaching a critical level. According to CoinMarketCap, LTC was up by over 3% in the last seven days, but the growth rate slowed down in the past 24 hours. At present, LTC is trading at around $85.44 with a market cap of over $6.3 billion.
Litecoin investors enjoyed a productive week with the cryptocurrency’s price climbing significantly. Reaching this crucial milestone, LTC has the potential for additional gains if market conditions favor a continued bull trend.
Therefore, AMBCrypto delved deeper into LTC’s current state to understand what to expect from it.
Litecoin eyes $110
Based on information from CoinMarketCap, Litecoin experienced a rise of over 3% during the previous week. However, there was a decrease in its growth rate within the last day, resulting in only minimal price movement.
As a crypto investor, I’d put it this way: Currently, Litecoin (LTC) is priced at around $85.44 per coin, with a market value exceeding $6.3 billion. The recent decrease in price swings wasn’t a bearish sign; instead, LTC was just holding steady near an important resistance level.
A well-known cryptocurrency analyst, Crypto Rand, has shared on Twitter his observation that the price of Litecoin (LTC) is poised to surpass its current resistance level.
As a crypto investor, I can recall that the last time Litecoin (LTC) surpassed the $110 mark, it paved the way for the coin to hit a peak price of around $110 at the start of April 2024. Should history follow a similar pattern, we could be in for another exciting ride with $110 serving as an initial milestone for potential new highs.
Therefore, AMBCrypto checked LTC’s metrics to see whether a bull rally lies ahead.
Last week, there was a significant rise in large-scale cryptocurrency transactions involving the coin, according to our assessment of Santiment’s data.
As a researcher studying the cryptocurrency market, I’ve noticed an encouraging sign with Litecoin (LTC). Specifically, its MVRV ratio has been on the rise in recent days. For those unfamiliar, MVRV stands for Market Value to Realized Value, and it represents the difference between a coin’s current market value and the cost basis of its holders. At present, Litecoin’s MVRV ratio is reporting a value of 8.49%. This indicates that, on average, LTC investors are seeing a profit of 8.49% on their holdings, which could be an optimistic sign for potential price growth.
As a researcher studying the cryptocurrency market, I’ve noticed some concerning signs regarding Litecoin (LTC). Specifically, its NVT (Network Value to Transactions) ratio has spiked significantly, indicating that Litecoin might be overvalued based on its current transaction volume.
Additionally, our analysis of Glassnode’s data showed an uptick in Litecoin’s reserve risk. In simpler terms, when reserve risk is elevated, it suggests that investors are uncertain and the price is comparatively higher.
This was bearish, as a hike in the metric generally results in a price correction.
What to expect?
It’s fortunate that the majority of market indicators presented a positive outlook, contrasting some other metrics. The Moving Average Convergence Divergence (MACD) exhibited a bullish signal with a crossover. Additionally, both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) experienced noticeable increases.
Based on these signs, it appears that Litecoin could experience a strong price increase imminently, potentially enabling it to surpass the $110 mark within the next few weeks.
Read Litecoin’s [LTC] Price Prediction 2024-25
It was worth noting that despite the attention given to the price fluctuations of LTC, the mining sector of its blockchain experienced a minor decline.
Based on Coinwarz’s information, the hashrate for Litecoin (LTC) has significantly decreased over the past week. Currently, the hashrate for its blockchain is approximately 1.01 Petahash per second (PH/s).
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2024-04-28 11:03