Litecoin [LTC] managed to outperform most cryptos lately, as it registered over 9% gains in just 24 hours. This was a promising uptick that increased the possibility of a further increase in its price over the coming days.
Interestingly, DYOR.net, a crypto analysis platform, recently posted a tweet that revealed that Litecoin was on the list of the top five bullish trends on the BTC pair.
[Scan results – #Binance – 15m]
Top 5 bullish trends on $BTC pair
1: $PIVX
2: $ICP
3: $LTC
4: $OAX
5: $APE
Top 5 bullish trends on $USDT pair
1: $WTC
2: $LTC
3: $BAL
4: $APE
5: $LRC
All Binance results: https://t.co/NE27I4BsNN
Not buy signals. #DYOR
— DYOR.net (@DYORCryptoBot) December 5, 2022
Read Litecoin’s [LTC] Price Prediction 2023-2024
According to CoinMarketCap, LTC’s price surged over 16% in the past week. At press time, it was trading at $83.33 with a market capitalization of $5,979,961,633.
On-chain data further showed the number of Litecoin wallet addresses continued to grow at a steady pace. The year started from about 117 million wallets to 162 million at the time of writing.
On-chain data shows the number of #Litecoin wallet addresses continues to grow at a steady pace. From the beginning of the year, the number was approximately 117 million wallets. Now, there are 162 million LTC wallets and growing. 🚀🚀 pic.twitter.com/HcLFO8cPja
— Litecoin Foundation ⚡️ (@LTCFoundation) December 4, 2022
Nonetheless, things might turn around soon, as a few on-chain metrics suggested that LTC’s price might fall victim to a plummet in the days to follow.
Santiment’s chart revealed that LTC’s Market Value to Realized Value (MVRV) ratio increased substantially over the past week. This development might indicate a possible market peak, followed by a price decline.
LTC’s Binance funding rate also went down during the last seven days. This pointed towards less traction from the derivatives market.
Source: Santiment
Furthermore, LTC’s transaction count declined sharply on 4 November. Litecoin’s velocity also followed a similar route and registered a decline, which can be concerning for the coin.
Source: Santiment
A look at LTC’s daily chart revealed that the bulls were leading the market, but it also suggested the possibility of a trend reversal. For instance, LTC’s Relative Strength Index (RSI) was entering the overbought zone, which is a massive bearish signal. Its Moving Average Convergence Divergence (MACD) indicated that the bulls and the bears were in a tussle.
Nonetheless, the Exponential Moving Average (EMA) ribbon delivered some good news, as the 20-day EMA was above the 55-day EMA. The Chaikin Money Flow (CMF) also registered an uptick, which looked optimistic for Litecoin.
Source: TradingView