Litecoin (LTC) has been having a rough time pumping its value since 2022’s big market meltdown. The same was true for most cryptocurrencies.
However, since last month the bear market has been showing signs of recovery (well depending on the cryptocurrency article that you’re reading), which allowed LTC to rise to $63 in the middle of the month.
The public’s interest in cryptocurrencies has varied drastically over the past several years. This has attracted the attention of investors, who have grown in love with cryptocurrency.
Bitcoin, which has become synonymous with producing crypto millionaires and growing people’s digitized fortune, has been the central objective of this enthusiasm.
Litecoin Flexes Muscle in the Last 24 Hours
Since Bitcoin’s inception, hundreds of different crypto assets have been created or split off of it. Litecoin, a Bitcoin offshoot or more technically ‘fork’, is one of these altcoins, the term for non-Bitcoin cryptocurrencies.
Litcoin on the other side has shown greater signs of recovery in the past 24 hours with a performance increase of more than 2%.
LTC’s growth over the past 24 hours was even higher compared to leading cryptocurrencies such as Bitcoin and Ethereum.
Litecoin currently trades at $56.18, up 1% within the last seven trading days. Bitcoin trades at $20.251, dropping 6.2% during the week.
The latest market decline brought LTC’s price past the $51 level. Along with the decline in altcoin’s price, the MVRV (Market Value to Realized Value) ratio also decreased, signaling a likely market bottom.
Consequently, there is a chance that Litecoin’s price will continue to grow in the days ahead.
Risk-To-Reward Ratio Down – Time To Buy LTC?
Further, an intriguing trend for investors was the reduction in the altcoin’s reserve risk. As the risk to reward ratio has increased, this shift usually presents investors with an opportunity to purchase.
In contrast to the preceding figures, Litecoin’s development activities increased over the last seven days. This bodes well for cryptocurrency as it indicates that developers are actively involved and dedicated to improving the blockchain.
The Litecoin price patterns indicate that there is a regaining of momentum after a short period of consolidation within the $52-$55 area.
The MACD graph below shows a strong cross on August 28th as the blue line appears to be about to turn the red line.
This suggests that LTC could be on the horizon. Despite this, RSI was found at 44.55 and did not display an evident positive indicator such as MACD.
Alternatively, the Exponential Moving Average (EMA) ribbon suggested a negative bias in the market, since the red line was perched above the yellow line and the disparity appeared to be extending.
Source: TradingView.com| Source: TradingView.com Featured Image from ITNext. Chart by TradingView.com