Litecoin [LTC] had some excellent news to share with the crypto group because it talked about that LTC had zero downtime in over 11 years of its existence. This represented the reliability of the blockchain. Furthermore, Litecoin additionally marked its eleventh birthday, which in itself was a commendable achievement.
— Litecoin (@litecoin) October 15, 2022
Nevertheless, these optimistic developed failed to point out up on the LTC chart because it registered a 5% decline in its worth during the last week. At press time, LTC was buying and selling at $51.24.
Right here’s AMBCryoto’s Price Prediction of Litecoin (LTC) for 2023-24
What is going on?
Litecoin additionally introduced one other replace which will give some hope to buyers for a worth correction. As an example, LTC’s MWEB was extra accessible to customers as a cell model was launched.
— Litecoin Basis ⚡️ (@LTCFoundation) October 15, 2022
This may additional enhance the accessibility and availability of the community because it added a lot worth to the Litecoin ecosystem. Although every part regarded optimistic for LTC, the coin’s on-chain metrics urged in any other case.
As an example, LTC’s quantity marked a substantial decline over the previous couple of days. LTC’s improvement exercise additionally adopted an analogous route and declined, which by and huge was a unfavorable sign of a blockchain. Nevertheless, regardless of taking place during the last week, LTC’s Market Worth to Realized Worth (MVRV) ratio registered an uptrend.
Not solely this however LTC’s every day lively addresses additionally registered an uptick these days, which was a optimistic sign for the blockhain.
Bears at play
A take a look at LTC’s every day chart of 16 October revealed a bearish image as many of the market indicators urged a worth fall within the coming days. Exemplar, the Relative Energy Index (RSI) registered a slight uptick however was resting method beneath the impartial place.
LTC’s Exponential Shifting Common (EMA) Ribbon revealed a bearish benefit available in the market because the 20-day EMA was resting method beneath the 55-day EMA. The Shifting Common Convergence Divergence (MACD) additionally registered a bearish crossover, which additional decreased the possibilities of a worth surge.