Litecoin is still silent for most of this year. Its price drops relative to other crypto markets are only discussed when they happen.
- Litecoin has seen its value increase by 1.3% during the week.
- LTC traded at $54.89 for the next five trading days
- Over the next few days, it will likely see a sharp drop in its trading price
The crypto’s all-time record $410.26 (ATH) has fallen steadily since then, and it lost a large portion of its landmark value.
Data from CoingeckoThe 22http://nd.The largest cryptocurrency by market capitalization traded at $52.80. This is an increase of 1.7 percent over the previous seven days.
LTC managed only to boost its price by 1.4% during the month but hasn’t shown any signs of trimming its losses ever since hitting its ATH.
But over the last week, Litecoin’s ecosystem witnessed significant activities that might convince prospective buyers to put their money on the digital asset.
Litecoin Whale Transactions and Address Activity up
LTC’s value increased by 3% within the last 24 hours, and by 1.3% over the course of the past week. It is surprising that this happened considering the continued bearishness of many digital currencies like Bitcoin and Ethereum.
Litecoin has managed to stay positive across all its price charts with the exception of its Year-to-date tally, likely due to the incredible cryptocurrency Network activityIts blockchain is witnessing.
Santiment shared data that showed whale transactions on Litecoin reached more than $1 million on October 20th, when LTC prices began to climb against crypto-alpha Bitcoin.
Over the last week, the daily active address count for asset and Blockchain project has risen significantly. It indicates that there is a significant increase in interest among investors as well as holders.
⚡️ #Litecoin has been quietly under the radar in 2022, but address activity & whale transactions have exploded this week. The timing of spikes was particularly important for $1 million+ transaction on the network. $LTC began rising vs. $BTC. https://t.co/jtQYW7mHuP pic.twitter.com/brIzjj6lFF
— Santiment (@santimentfeed) October 20, 2022
Can This Make Litecoin Bullish Once More?
It is amazing! IncreasingA positive indicator of an asset is network activity. Litecoin’s metrics indicate a sharp price drop, but this is not the case.
On October 5, LTC’s Relative Strength Index (RSI) was at 62. However, the indicator has declined to 41 over the last few weeks.
Money Flow Index for this asset also shows a downward trend, with a score of 41. This is lower than the 50-neutral area.
Extreme selling pressure on Litecoin can also be seen in the negative Chaikin Money Flow, (CMF)
With this, while the crypto might rally up to $54.89 for the next five days, there’s no time celebrate as the asset is forecasted to The plummetAll the way up to $35.40 in the following 30 days.
Featured image from Pixabay, Chart: TradingView.com| Featured image from Pixabay, Chart: TradingView.com Disclaimer: This analysis should not be taken as investment advice.