• Tue. Apr 16th, 2024

Market players often regard Litecoin (LTC) as an underdog. The alternative token recorded an impressive performance over the previous week. Surprisingly, Evening Standard features Litecoin in the Top Five Alt list. That had added value and traction to the blockchain.

The list included some of the cryptos that could be perceived alternatives to the leading crypto, BTC, this year. These alts could be lucrative for investors interested in profits or portfolio diversification. Besides LTC, other alternative tokens in the list included Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), and Solana (SOL).

What’s Behind Litecoin’s Success?

While most alternative tokens struggled to surge since August 2021, Litecoin recorded impressive 24hr and 7-day gains. While publishing this post, LTC traded at $57.24, with $4,068,169,109 market capitalization.

The performance increase didn’t surprise analysts, as multiple on-chain indexes backed the surge. For example, Litecoin’s MVRV (Market Value Realized Value) ratios swiftly gained an upside trend amid price surges. Also, high volumes backed price surges, further solidifying the event. Surprisingly, the receiving address counts surged within the previous week.

That was an optimistic signal for Litecoin as it confirmed investor confidence in the alternative token. Moreover, Litecoin’s social presence surged last week, with trending words rank noting considerable improvement. That indicated amplified community interest in LTC. Improvements in crucial metrics and development activity highlighted lucrative days for Litecoin’s future.

Looking Ahead

LTC’s 4hr chart also remained promising, displaying a bullish setup. That increased the chances of more uptrends in the upcoming days. Litecoin experienced resistance around the $57.8 level, but the bullish ascending triangle formation plus positive on-chains might trigger a breakout.

The 20-day Exponential Moving Average overturned the 50-day Exponential Moving Average, translating to a bullish sign. Furthermore, the RSI (Relative Strength Index) recorded an upsurge, magnifying the chances of northbound breakouts. The CMF (Chaikin Money Flow) displayed a bearish divergence while plummeting. The Relative Strength Index and the price recorded upticks. And they could limit LTC’s further uptrends.

What are your thoughts about the above article? Is Litecoin a lucrative token for crypto traders? You can comment below.

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