- Regardless of excessive community exercise, LTC was down by practically 15% within the final 30 days.
- Most metrics and indicators hinted at a continued worth decline.
Litecoin [LTC] has did not earn traders income because it continues to drop on the listing of the highest 30 cryptos. Nevertheless, the coin did handle to excel on a specific entrance.
The truth is, Litecoin outshone each Bitcoin [BTC] and Ethereum [ETH], which seemed fairly optimistic for the blockchain’s future.
Litecoin surpasses Bitcoin, Ethereum
Litecoin not too long ago posted a tweet declaring an attention-grabbing growth. As per the tweet, LTC continued to dominate BTC and ETH when it comes to genuine lively addresses.
This intently signified the rise in LTC’s adoption and excessive community utilization over the previous months.
The truth is, AMBCrypto’s evaluation of Santiment’s knowledge additionally revealed an identical image. Litecoin’s day by day lively addresses remained excessive all through the final 30 days, because the quantity exceeded 858k on the sixth of June.
![Litecoin's daily active addresses increased](https://ambcrypto.com/wp-content/uploads/2024/06/Litecoin-LTC-13.51.04-27-Jun-2024.png)
![Litecoin's daily active addresses increased](https://ambcrypto.com/wp-content/uploads/2024/06/Litecoin-LTC-13.51.04-27-Jun-2024.png)
Supply: Santiment
LTC bulls take the again seat
Although the blockchain’s community exercise and utilization have been commendable, the identical can’t be mentioned for LTC’s worth motion. CoinMarketCap’s data revealed that LTC’s worth dropped by practically 15% within the final 30 days.
On the time of writing, LTC was buying and selling at $70.61 with a market capitalization of greater than $5.27 billion, making it the twenty second largest crypto.
Issues for LTC can worsen within the coming days as a key metric hinted at a worth correction.
AMBCrypto’s have a look at Glassnode’s knowledge clearly revealed a rise within the coin’s NVT ratio. Often, an increase within the metric hints that an asset is overvalued, growing the possibilities of a worth drop within the following days or even weeks.
For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain quantity, measured in USD.
![Litecoin's NVT ratio increased](https://ambcrypto.com/wp-content/uploads/2024/06/glassnode-studio_litecoin-network-value-to-transactions-ratio-nvt.png)
![Litecoin's NVT ratio increased](https://ambcrypto.com/wp-content/uploads/2024/06/glassnode-studio_litecoin-network-value-to-transactions-ratio-nvt.png)
Supply: Glassnode
To see whether or not the bears would proceed to dominate, AMBCrypto then analyzed Litecoin’s day by day chart. We discovered that a lot of the market indicators have been within the sellers’ favor.
As an example, the MACD displayed a bearish benefit available in the market. The Chaikin Cash Move (CMF) registered a downtick and was headed in the direction of the impartial mark.
An identical declining pattern was additionally seen on the Relative Power Index’s (RSI) chart, hinting at a continued worth drop.
Nonetheless, LTC’s worth had touched the decrease restrict of the Bollinger Bands, hinting at a doable restoration quickly.
![](https://ambcrypto.com/wp-content/uploads/2024/06/LTCUSDT_2024-06-27_13-57-54.png)
![](https://ambcrypto.com/wp-content/uploads/2024/06/LTCUSDT_2024-06-27_13-57-54.png)
Supply: TradingView
Real looking or not, right here’s LTC’s market cap in BTC phrases
Our evaluation of Hyblock Capital’s knowledge revealed that if the value decline continues, traders may witness LTC dropping to $67 within the coming days.
Nevertheless, within the occasion of a pattern reversal, LTC may first eye $81.4 with a view to start a full-fledged restoration.
![](https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-2.00.32%E2%80%AFPM.png)
![](https://ambcrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-2.00.32%E2%80%AFPM.png)
Supply: Hyblock Capital