- As Litecoin [LTC] witnesses significant network activity, its value has decreased by nearly 15% over the last 30 days.
- Various metrics and technical indicators suggest a continuing downtrend for LTC.
- Despite its falling price, Litecoin has outperformed Bitcoin [BTC] and Ethereum [ETH] in one crucial area, indicating a promising future for its blockchain.
Discover the latest trends in the crypto world as Litecoin outperforms major cryptocurrencies in active addresses but struggles with a declining price.
Litecoin Exceeds Bitcoin and Ethereum in Active Addresses
Recently, Litecoin announced through a tweet that it has surpassed Bitcoin and Ethereum in terms of authentic active addresses. This development signifies increasing adoption and substantial network usage for LTC in the past months.
According to data from Santiment, Litecoin’s daily active addresses have stayed robust over the last 30 days, reaching a peak of more than 858,000 on June 6.
Growing Network Activity
The heightened activity among Litecoin’s user base suggests a growing interest and trust in its blockchain mechanisms. These metrics give an optimistic view of LTC’s network, despite the current bearish price movements.
LTC Price Struggles Despite Network Growth
On the price front, Litecoin has not fared well. According to CoinMarketCap, the cryptocurrency’s value has decreased by nearly 15% in the last month. Currently trading at $70.61 with a market capitalization exceeding $5.27 billion, it stands as the 22nd largest cryptocurrency.
Several indicators point towards a further decline, including an upsurge in the NVT ratio, which often signals an overvaluation of the asset, thereby increasing the likelihood of a price drop.
Analyzing Market Indicators
Looking into Litecoin’s technical indicators reveals a bearish market. The MACD shows a bearish advantage, while the Chaikin Money Flow (CMF) is moving towards the neutral mark. Meanwhile, the Relative Strength Index (RSI) is also on a downward trend, indicating potential continued price depreciation. However, the price has reached the lower Bollinger Band limit, suggesting a possible recovery soon.
Future Price Predictions
Considering data from Hyblock Capital, if the declining trend persists, Litecoin’s price may drop to $67. Conversely, a trend reversal could see LTC aiming for $81.4 as an initial target for recovery.
Conclusion
In summary, while Litecoin shows impressive network activity and growth, its price faces significant downward pressure. Investors should keep an eye on key technical indicators and market metrics to better navigate the cryptocurrency’s future movements.
