Litecoin (LTC) Continues To Impress With 25% Rally In Last Seven Days
Litecoin (LTC) continues to prove its doubters wrong as it weathers the ongoing crypto winter in an impressive way, painting its charts in green and posting significant price increases during the last few days. At the time of this writing, the 13th largest cryptocurrency with an overall valuation of $5.51 billion, is trading at $76.80 and has gone up by 6% over the past 24 hours according to tracking from Coingecko. The asset’s seven-day performance is beyond “just good” as it registered an increase of 25.1%. Meanwhile, on a month-to-date (MTD) basis, the altcoin is up by 36%. What make Litecoin’s current run impressive is that it is happening during the same time when industry frontrunners Bitcoin and Ethereum are struggling to gain any ground to push their respective prices to higher levels. Related Reading: Dogecoin Rises: Over 60% Of Holders Continue To Profit Despite FTX Nightmare Litecoin: ‘Profitable Opportunity’ For Investors, Holders As it turns out, LTC is not only doing wonders in terms of its trading session performances as it is currently in a “rewarding phase.” During the last few days, the asset’s Market Value to Realized Value (MVRV) has also reached the point where if holders of Litecoin were to sell their holdings at this very moment, they’ll end up making good profit. One possible reason for the resurgence of the digital coin might be its mining activity. According to the information shared by the project through its official Twitter account, the asset was among the few proof-of-work digital currencies that were ‘profitable’ during the last few months. Despite reaching a mining difficulty score of 20.00 M, the profitability of Litecoin miners stood at $60%. In terms of hash rate, Litecoin witnessed a 13.25% increase compared to last month, indicating that the digital coin’s network is both healthy and growing. Pay Attention To These Factors Before Holding Litecoin As remarkable as LTC is right now, it is important to note that its current price is almost 13% lower than where it was in November 23 when it tested the $83.36 resistance zone. This was the result of the altcoin’s Relative Strength Index (RSI) indicator settling at 41.80, putting it in an overbought position as sellers clearly had the advantage. Another bearish sign for Litecoin is the rate at which it was being transferred from one address to another as it recorded a significant decline compared to that of last week. The network development activity also has not much to offer as of this time, indicating that developers have nothing new to offer right now. Finally, according to Coincodex’s forecast, over the next five days, LTC is expected to rise by more than 12% on its way to hitting the $86 marker. A month from now, however, the cryptocurrency is predicted to lose some of its gains but will still change hands at $77.16 – a value that is higher than its current spot trading price. Related Reading: NEAR Strong Rebound Seen As Crypto Registers 8% Spike In Last 24 Hours LTC total market cap at $5.5 billion on the daily chart | Featured image: Rvo.hu, Chart: TradingView.com
