• Home
  • Contact Us
  • Privacy & Policy
Friday, August 12, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Crypto News Litecoin

On-chain metrics show where Litecoin might be heading next

by admin
March 11, 2021
in Litecoin
0
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter


Litecoin, the sixth most valuable cryptocurrency in the global market, increased by 30% in the past week. As LTC shows strong momentum, on-chain data points demonstrate both bear and bull cases.

litecoin price
The daily price chart of Litecoin with moving averages. Source: LTCUSD on TradingView

Researchers at Santiment identified various on-chain indicators that buy the case for a pullback and also for a continued rally. They wrote:

“The often ignored and overlooked #Litecoin has experienced quite a month, peaking at nearly a +70% gain before markets experienced a minor pullback at the end of the weekend.”

The bear case

According to Santiment, three on-chain metrics indicate a local top or the possibility of consolidation.

The metrics are age consumed, daily active addresses, social volume, MVRV, and Mean Dollar Invested Age.

The daily active addresses and social volume, in particular, show an uptrend that is not being backed by solid fundamentals.

litecoin divergence
The daily active addresses trend of LTC. Source: Santiment

When the user activity of a blockchain increases in tandem with the underlying cryptocurrency, it suggests a bullish trend. But, if the user activity stagnates amid an ongoing rally, it typically suggests that the rally might not be an organic uptrend.

The sudden spike in social volume also suggests euphoric levels of market sentiment, which historically marked local peaks.

litecoin social volume
The social volume of LTC. Source: Santiment

The bull case for Litecoin and fundamental factors

The bull case for Litecoin in the short to medium term is primarily based on fundamental factors.

The transaction volume of Litecoin has been consistently increasing since early November. It shows that the users are seemingly sending and receiving more on-chain transactions, which might signify two things.

First, it could show that more users are accumulating LTC and possibly sending them from exchanges to personal wallets. This means an accumulation trend might be in the works, as the alternative cryptocurrency (altcoin) market recovers as a whole.

Second, there could be more users engaging in LTC transactions following various fundamental developments.

ltc transactions
LTC transaction volume is rising. Source: Santiment

On October 6, the open-source developer community of the Litecoin blockchain released a testnet for Mimblewimble.

Mimblewimble is a privacy solution designed for the Bitcoin blockchain. Since Litecoin and Bitcoin share similarities in structure, the solution can be implemented onto the Litecoin blockchain.

It comes a month after CryptoSlate reported that a new Litecoin update showed the Mimblewimble implementation is on track.

Charlie Lee, the creator of Litecoin, first announced the integration of Mimblewimble in January 2019. He wrote at the time:

“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”

The confluence of major network developments, growing transaction volume, and the beginning of an altcoin season buoyed LTC in recent weeks. In the short to medium term, LTC could see sustained momentum if the daily active addresses begin to increase and social volumes remain stable.

Litecoin, currently ranked #6 by market cap, is up 4.91% over the past 24 hours. LTC has a market cap of $5.66B with a 24 hour volume of $6.26B.

Litecoin Price Chart

LTCUSD Chart by TradingView

Secure your wealth: Invest in a Crypto Index Fund

Like what you see? Subscribe for daily updates.



Tags: headingLitecoinmetricsOnchainShow
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

Tornado Cash’s Website Goes Dark

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

Tornado Cash’s Website Goes Dark

August 12, 2022

Pharma stocks crater as investors brace for billions in heartburn drug litigation charges

August 12, 2022
A $66 Slump Could Follow Oil’s Ironic Rebound – Action Forex

A $66 Slump Could Follow Oil’s Ironic Rebound – Action Forex

August 12, 2022

Stock Market Today – 8/12: Stocks Cautiously Higher As Inflation Concerns Fade

August 12, 2022

Recent News

Tornado Cash’s Website Goes Dark

August 12, 2022

Pharma stocks crater as investors brace for billions in heartburn drug litigation charges

August 12, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.