Litecoin [LTC] had a difficult seven days, as the cryptocurrency couldn’t perform as per investor expectations. The alt registered a mere 1% seven-day gains. According to CoinMarketCap, LTC at press time, was trading at $53.39 with a market capitalization of more than $3.8 billion. In an interesting revelation, CRYPTOWZRD, a popular crypto analyst, pointed out […]
However, despite the effort, things in the short-term didn’t seem to be in LTC’s favor as several metrics suggest a possible downfall in the coming days.
For instance, though the Market Value to Realized Value ratio registered a slight uptick, it was still considerably down. Litecoin also didn’t manage to gain much traction from the crypto community, which was evident by looking atgained the third spot on the list of cryptocurrencies with the most daily active addresses.
However, things might have changed a bit over the last few weeks, as LTC’s daily active addresses declined as compared to late September. Nonetheless, LTC’s development activity had spiked lately, which was a green flag.Furthermore, data from on-chain intelligence platform Glassnode pointed out that LTC’s reserve risk decreased in the last week. This meant that traders could invest in LTC.
The Bollinger Bands data revealed that LTC’s price might soon enter a high volatility zone after registering a weeks-long sideways monument. This may increase the chances of a northbound breakout. The Relative Strength Index and Chaikin Money Flow were both near neutral positions, suggesting that the market could head in any direction. However, the Exponential Moving Average Ribbon indicated sellers’ advantage in the market as the 20-day EMA was resting below the 55-day EMA. This may minimize the chances of an uptick in the short-term.Subscribe to get it daily in your inbox.
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