Litecoin beats Bitcoin, Ethereum in usage
Despite its struggle to uplift investor gains and sliding down the hierarchy of the top 30 cryptocurrencies, Litecoin did manage to distinguish itself in one aspect.
Remarkably, Litecoin outperformed giants like Bitcoin and Ethereum, marking a promising sign for its future prospects in the blockchain domain. LTC has surpassed BTC and ETH when it comes to genuine active addresses on the network.
This achievement underscores a growing adoption and increased activity on Litecoin’s network over recent months.
Litecoin has maintained a significant number of daily active addresses. Astonishingly, this figure soared past 858k on June 6th.
While network activity and utilization paint a bright picture, Litecoin's market performance tells a different story. According to CoinMarketCap, LTC’s value has seen a near 15% decline over the past month.
At present, LTC’s trading price stands at $70.61, placing it as the 22nd largest cryptocurrency by market capitalization, which exceeds $5.27 billion.
Future predictions for LTC seem grim as certain indicators point towards a possible price correction looming on the horizon.
Glassnode’s data highlighted a surge in the NVT ratio for Litecoin, a marker often associated with an asset being overestimated and a possible precursor to price reductions.
The NVT ratio, for those unfamiliar, is calculated by dividing the market cap by the on-chain volume transferred, in USD terms.
Looking ahead, further analysis on Litecoin’s daily charts suggests that the scales might be tipping in favor of selling pressure.
For example, the MACD indicator gives the bears a competitive edge. Simultaneously, the Chaikin Money Flow (CMF) indicates a decline moving towards neutrality.
A similar downward trajectory is evident on the Relative Strength Index (RSI), signaling the possibility of ongoing price reductions.
Yet, there’s a glimmer of hope as LTC’s price has reached the lower boundary of the Bollinger Bands, hinting at a potential upswing soon.
Hyblock Capital’s data suggests that if the downtrend persists, investors might see LTC’s price dip to $67 shortly. However, should a bullish trend take hold, Litecoin's value could ascend to $81.4, marking the commencement of a robust recovery.
