Litecoin (LTC) has had a tough time increasing its value since the big market crash in 2022. The majority of cryptocurrencies also experienced the same misery.
However, as of last month, the (bear) market has shown signs of a resurgence (well, depending on which cryptocurrency article you’re reading right now), allowing LTC to hit $63 by the middle of this month.
Public interest in cryptocurrencies has changed significantly in recent years. It has piqued the curiosity of investors whose passion for cryptocurrencies has increased over time.
Bitcoin, which has become synonymous with creating crypto millionaires and increasing people’s digitized wealth, has been the central target of this craze.
Litecoin is flexing its muscles in the last 24 hours
Hundreds of different crypto assets have been created or forked from Bitcoin since its inception. Litecoin, an offshoot of Bitcoin, or technically “fork,” is one of these altcoins, the term for non-Bitcoin cryptocurrencies.
Litcoin, on the other hand, has stood out as showing greater signs of recovery over the past 24 hours, with a performance gain of over 2%.
LTC’s growth over the past 24 hours has been even higher compared to leading cryptocurrencies like Bitcoin and Ethereum.
As of this writing, Litecoin is trading at $56.18, up 1% over the past seven days. In comparison, Bitcoin is at $20,251, down 6.2% over the past week.
The recent market decline brought the price of LTC above the $51 mark. Along with the fall in altcoin price, the MVRV (Market Value to Realized Value) ratio also fell, suggesting a likely bottom in the market.
Consequently, there is a possibility that the price of Litecoin will continue to rise in the coming days.
Risk/Reward Ratio Down – Time to Buy LTC?
Another interesting trend for investors has been the reduction in the altcoin’s reserve risk. This shift typically presents investors with a buying opportunity as the risk/reward trade-off has improved.
Contrary to the previous figures, Litecoin development activity increased in the last seven days. This bodes well for the cryptocurrency, as it shows that engineers are committed and determined to make the blockchain better.
After a brief period of consolidation in the $52-$55 range, the Litecoin price pattern suggests that the bullish acceleration is currently regaining momentum.
On August 28th, the MACD chart below points to a strong crossover as the blue line is about to flip the red line.
This suggests that a price increase for LTC could be imminent. Nonetheless, the RSI was spotted at 44.55 without showing an obvious positive indicator like the MACD.
Source: TradingView.com
Alternatively, the exponential moving average (EMA) band indicated a bearish bias in the market as the red line was above the yellow line and the disparity appeared to be widening.
LTC Total Market Cap at $3.95B on the Daily Chart | Source: TradingView.com Featured image by ITNext, chart by TradingView.com
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