• Mon. May 20th, 2024

Litecoin – referred to by some as silver to BTC’s gold status – brought joy to its followers amidst the ongoing bearish market situations. The alternative token recorded enormous gains within the past week. LTC saw more impressive news as it joined the leading cryptocurrencies in Galaxy Score – a potentially bullish sign.

Moreover, a DeFi and CeFi platform, Blockbank, listed Litecoin. The new listing will allow the alt to magnify its reach and attract market players into Litecoin’s ecosystem. However, what triggered the surges in LTC?

Is it blockchain-centric developments or the impact of BTC’s price upticks? Well, evaluating the asset’s metrics can tell the answer. Meanwhile, LTC changed hands at $56.52 during this publication, gaining approximately 10% within the past seven days – higher than BTC’s 7-day value.

Not Everything Was in Favor

Litecoin’s on-chain indexes kinds clarified the case. Some of the metrics supported upside actions, whereas others displayed trend-reversal signs. The asset’s MVRV Ratio noted a considerable uptick within the previous week – a bullish signal. Furthermore, LTC’s volume supported the narrative – maintained uptrends in that timeframe.

Nevertheless, Glassnode’s data confirmed a different tale for Litecoin. The alternative token saw a decrease in receiving addresses within the past few days – a negative sign. Besides that, LTC’s reserve risk soared recently, confirming deteriorated investor confidence.

Not Really! Litecoin’s Upside is Decisive

Litecoin’s daily chart remains impressive to investors as it indicated that the upside wasn’t a mere effect of the optimistic market as multiple LTC indicators supported the extended northbound movement. The CMF (Chaikin Money Flow) and the RSI (Relative Strength Index) hovered beyond the neutral region, translating to a bullish sign.

Furthermore, the 20-day EMA (Exponential Moving Average) approached the 50-day Exponential Moving Average, magnifying the probability of a bullish cross during the upcoming days. The Bollinger Band showed LTC’s price neared a high volatility territory. With the impressive market indicator, LTC investors could enjoy potential price upticks.

However, Litecoin enthusiasts should watch broad market cues. The crypto space showed bearishness during this publication. Bitcoin resorted to downsides after it failed to overcome the $21K hurdle. While writing these lines, BTC changed hands at $20,191.28. Continued declines will welcome massive bearishness in the alt market.

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