Litecoin [LTC] has failed to earn investors profits as it continues to drop on the list of the top 30 cryptos.
has failed to earn investors profits as it continues to drop on the list of the top 30 cryptos. However, the coin did manage to excel on a particular front.pointing out an interesting development. As per the tweet, LTC continued to dominate BTC and ETH in terms of authentic active addresses.In fact, AMBCrypto’s analysis of Santiment’s data also revealed a similar picture. Litecoin’s daily active addresses remained high throughout the last 30 days, as the number exceeded 858k on the 6th of June.
For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume, measured in USD.To see whether the bears would continue to dominate, AMBCrypto then analyzed Litecoin’s daily chart. We found that most of the market indicators were in the sellers’ favor. For instance, the MACD displayed a bearish advantage in the market. The Chaikin Money Flow registered a downtick and was headed towards the neutral mark.
A similar declining trend was also seen on the Relative Strength Index’s chart, hinting at a continued price drop.Our analysis of Hyblock Capital’s data revealed that if the price decline continues, investors might witness LTC dropping to $67 in the coming days. However, in the event of a trend reversal, LTC might first eye $81.4 in order to begin a full-fledged recovery.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.Subscribe to get it daily in your inbox.
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