- LTC’s daily chart became green when its value increased over 1%.
- The market indicators and metrics are a bit bearish.
Litecoin’s [LTC] The coin’s price dropped dramatically, putting it under the bears’ influence. The coin did test a critical support level that can cause a trend to reverse. AMBCrypto analyzed Litecoin’s metrics in order to find out which direction the coin was going.
The Litecoin Bears have won
CRYPTOWZRD – a crypto analyst of renown – recently shared a tweet LTC’s performance is bearish. The coin was at the key $80 support level. If the coin tested that level then Litecoin could gain momentum upwards and reach $94.
LTC’s daily chart actually turned green when it crossed $80. According to CoinMarketCapLTC’s value dropped by 17% in the past seven days. The coin value has increased more than 1% in the last day.
LTC traded at $81.4, with a capitalization over $6 billion.
AMBCrypto analyzed Glassnode data and found that this uptrend may not be sustainable. During a period when LTC’s price fell, our analysis revealed that the Network Value to Transactions (NVT), a ratio of LTC’s Network value to transactions (NVT), increased.
The metric will increase whenever an asset’s value is high, which indicates a possible price drop.
Litecoin is a risky investment.
AMBCrypto analyzed other metrics in order to determine if LTC will again become bearish. Over the past week, MVRV has dropped dramatically.
The daily number of active addresses indicates that network activity is still high. Litecoin transaction counts were also very high, indicating that there was active trading.
AMBCrypto took a closer look at LTC’s daily chart, and discovered that the Relative Strength Index(RSI) as well as Money Flow Index(MFI) were both in a sideways trend. It was clear that the market might experience some slow days.
MACD showed a clearly bearish advantage in the coin market. According to the Bollinger Bands however, LTC’s price reached the lower limit, which indicated that the price could continue rising in the future.
You can read more about it here Litecoin’s [LTC] Price Prediction 2024-25
A quick look at LTC mining
Although LTC price movement remained volatile and fluctuating, LTC miners also exhibited interesting behavior. Coinwarz analysis: chart The blockchain hashrate dropped after the spike that occurred on March 18th.
It was a sign that the miners had left the Litecoin eco-system. LTC’s hashrate was 929.86TH/s at the time of press.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com