- Litecoin has surpassed Bitcoin
in terms of BitPay payments, indicating increased adoption of Litecoin.
- The upcoming halving may change market sentiment and contribute to an increase in LTC price.
- Despite the downward trend, whale activity around LTC remained relatively stable. However, most metrics indicated a bearish market sentiment.
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There are 23 days left until the halving event in Litecoin, and it has managed to draw attention by outperforming Bitcoin.
Positive Sentiment Surrounding Litecoin Grows
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Litecoin has surpassed Bitcoin in BitPay payments, reflecting increased adoption of Litecoin. Additionally, there has been an increase in whale activity around the cryptocurrency in the past month, which appeared promising.
However, the price of LTC did not respond to these updates as the weekly and daily charts showed a bearish trend with red candles. According to a tweet from the Litecoin Foundation, LTC surpassed BTC in terms of BitPay payments. LTC accounted for 34.9% compared to BTC’s 34.6%, which was an impressive performance. This happened just a few weeks before the upcoming LTC halving, which is only 23 days away.
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The approaching halving event may change market sentiment and contribute to an increase in LTC price. However, it does not appear to be the case at the moment as the price of LTC has shown a decline. According to data, LTC’s price has dropped over 3% in the last 24 hours and over 15% in the past week.
At the time of writing, LTC is trading at $93.70 and ranks as the 11th largest cryptocurrency with a market capitalization of over $6.8 billion.
Litecoin’s hash rate has also witnessed a decline, reflecting miners’ exodus. Litecoin’s miner revenue followed the same trend and decreased.
Is a reversal of the LTC trend possible?
Despite the downward trend, whale activity around LTC remained relatively stable. However, most metrics indicated a bearish market sentiment. For instance, daily active addresses decreased in the last 30 days. The MVRV ratio experienced an increase followed by a decrease. Moreover, the negative sentiment surrounding LTC has increased multiple times in the past few days.
Further bearish signals emerged when examining the daily chart. Litecoin’s Relative Strength Index (RSI) has decreased in the past few days, favoring sellers. The Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover, increasing the likelihood of a continued downward trend.