- 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.
As an experienced analyst, I have closely monitored the market trends and performance of various cryptocurrencies, including Litecoin (LTC). Despite the high network activity, I have observed a concerning 15% decline in LTC’s price over the last 30 days. Most metrics and indicators suggest that this trend is likely to continue, with a possible correction signaled by an increasing NVT ratio.
As a Litecoin (LTC) investor, I’ve noticed that the coin hasn’t been able to deliver the desired returns as it keeps sliding down in the rankings of the top 30 cryptocurrencies. However, there’s a silver lining: Litecoin has shown remarkable strength when it comes to its transaction processing speed. Despite the price drops, Litecoin’s ability to confirm transactions faster than many other cryptos remains a significant advantage.
From my perspective as an analyst, Litecoin’s superior performance against Bitcoin and Ethereum in that particular period was quite encouraging for its future prospects within the blockchain ecosystem.
Litecoin surpasses Bitcoin, Ethereum
I’ve noticed an intriguing update from Litecoin’s recent tweet. According to the post, Litecoin (LTC) has been outpacing Bitcoin (BTC) and Ethereum (ETH) with regard to genuine active addresses.
This closely signified the rise in LTC’s adoption and high network usage over the past months.
As an analyst, I’ve observed that Santiment’s data aligns with AMBCrypto’s findings regarding Litecoin’s daily active addresses. Over the past month, these numbers have consistently remained above average, reaching a peak of over 858,000 on June 6th.
LTC bulls take the back seat
I’ve analyzed the blockchain network and usage, which have shown impressive results. However, my assessment of Litecoin (LTC) is not as positive when it comes to its price action. According to CoinMarketCap’s data, over the past 30 days, LTC experienced a significant decline in value, dropping nearly 15%.
I currently observe Litecoin (LTC) being priced at around $70.61 in the market. With a market capitalization surpassing $5.27 billion, this digital asset holds the position of being the 22nd largest cryptocurrency by size.
Things for LTC can get worse in the coming days as a key metric hinted at a price correction.
Looking at the data from Glassnode, AMBCrypto observed an uptick in Bitcoin’s NVT (Network Value to Transacted Value) ratio. Historically, such a surge has often indicated that the asset may be overvalued, potentially leading to a price decrease in the near future.
For those unfamiliar, the NVT ratio is calculated by dividing a cryptocurrency’s market capitalization by its on-chain transaction volume, expressed in US dollars.
An examination of Litecoin’s daily chart by AMBCrypto revealed that the bears seemed poised for further control based on most of the market signals.
In simpler terms, the MACD indicator showed a negative edge in the financial market, while the Chaikin Money Flow indicated a decrease and was approaching the neutral point.
The RSI chart exhibited a pattern mirroring the downward trend in price, implying potential further price decrease.
Despite reaching the minimum point of the Bollinger Bands for LTC‘s price, an indication that a price increase might occur in the near future.
Realistic or not, here’s LTC’s market cap in BTC terms
Based on our examination of Hyblock Capital’s data, there is a possibility that the price of Litecoin could fall as low as $67 if current trends persist in the near future.
In the case of a change in direction for LTC, it may initially target a price of $81.4 before initiating a robust rebound.
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2024-06-27 23:03