• Tue. May 28th, 2024

The Litecoin NFT sector presented lucrative news as it recorded growth within the past few days. The analytic platform Santiment discovered that besides the uptick in Litecoin’s NFT trade count, the alt recorded increments in NFT volume in USD.

The development emerges as Litecoin’s initial NFT marketplace, LiteVerse, declares partnering with Antpool. LiteVerse is a non-fungible token market that utilizes OmniLite to mine NFTs with low charges. Though the growth NFT sector, things didn’t seem that attractive on Litecoin’s daily chart.

That came after LTC lost over 2% within the past week following extended price surges. While publishing this news, LTC traded at $55.05, with more than $3.94 billion in market cap. Investors may have to pray for the best as multiple Litecoin’s on-chain indexes confirm chances of price falls.

Caution Recommended

Litecoin saw its velocity plunge significantly on October 31, following an upswing. That represented a bearish sign, indicating that investors use the alt less in transactions in a given period. Moreover, Litecoin’s 24hr active wallets also declined in October, suggesting decreased user activity on the platform.

Nevertheless, some things favored Litecoin. For example, Litecoin recorded increased development activity, a positive signal for the blockchain. Furthermore, LTC enjoyed a continued interest in the derivatives markets, with its Binance funding rates maintaining consistent highs.

Bears in Action

Assessing Litecoin’s 24hr chart indicated that buyers dominated the marketplace for a week. Nevertheless, sellers buckle up as multiple market indicators confirm downside chances. Litecoin’s RSI (Relative Strength Index) rested beyond the neutral area.

The CMF (Chaikin Money Flow) recorded a drop beneath the neutral level, translating to a bearish sign. Furthermore, the MACD (Moving Average Convergence Divergence) flashed the chances of a bearish cross soon.

Surprisingly, the 20d EMA battled the 50-day Exponential Moving Average, giving hope for price surges. Meanwhile, the broad crypto space fought to retain an upside stance during this publication, recording miner declines within the past day.

The global cryptocurrency market capitalization dropped by 0.87% within the past day to $1.01 trillion. Also, Bitcoin lost 0.81% in that timeframe to change hands at $20,367.96.

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