Litecoin [LTC] bulls were somewhat reluctant to show their full might last week as the coin’s price didn’t move up exponentially.
Litecoin’s price moved up by over 2% in the last seven days, suggesting that it might touch $90 soon.bulls were somewhat reluctant to show their full might last week, as the coin’s price didn’t move up exponentially. Will the next week be any different for LTC and allow it to reclaim $90?revealed that LTC’s price dropped to $78 on the 15th of May. However, the coin gained bullish momentum after that as its price chart moved northward.
As per the tweet, LTC closed the last day indecisively and was trading in the middle of a daily range area. Our analysis of Glassnode’s data revealed that LTC’s NVT ratio dropped sharply. A decline in the metric means that an asset is undervalued, hinting at a price drop. For starters, the metric is used to assess the confidence of long-term holders relative to the price of the native coin at any given point in time.Whale activity around the coin also remained high. This was evident from the rise in its whale transaction count last week. Another bullish metric was the MVRV ratio, as it registered an uptick.Like metrics, a few of the market indicators also remained bullish. For instance, the Relative Strength Index was resting above the neutral mark.
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