Litecoin is performing better than Bitcoin in the last 24 hours, as Litecoin has grown faster than bigger cryptocurrencies like BTC and ETH.
Since the huge market crisis in 2022, Litecoin (LTC) has had a difficult time increasing its value. The bulk of cryptocurrencies were also suffering from the same ailment.
However, the (bear) market has exhibited signs of a comeback since last month (depending on whose cryptocurrency story you read), allowing LTC to hit $63 by the middle of this month.
The general public’s interest in cryptocurrencies has shifted dramatically during the last several years. It has caught the interest of investors, whose interest in cryptocurrencies has grown over time.
The core goal of this fervor has been Bitcoin, which has become synonymous with creating crypto billionaires and increasing people’s digital fortunes.
Litecoin Flexed Its Muscles In The Last 24 Hours
Hundreds of different crypto assets have been created or separated from Bitcoin since its inception. One of these altcoins, or non-Bitcoin currency, is Litecoin, a Bitcoin offshoot or, more officially, ‘fork.’
Litcoin, on the other hand, has distinguished itself by exhibiting stronger signs of recovery in the previous 24 hours, with a performance improvement of more than 2%.
LTC has grown faster in the last 24 hours than prominent cryptocurrencies such as Bitcoin and Ethereum.
Litecoin is now trading at $56.18, up 1% in the previous seven days. In comparison, Bitcoin is now trading at $20,251, down 6.2% in the previous week. Because of this Litecoin is performing better than Bitcoin in the last 24 hours.
The most recent market downturn pushed LTC’s price above $51. Along with the drop in altcoin prices, the MVRV (Market Value to Realized Value) ratio fell, indicating a possible market bottom.
As a result, there is a probability that the price of Litecoin may continue to rise in the coming days.
Risk To Reward Ratio Is Down – Is It Time To Buy?
An interesting trend for investors was the decrease in the altcoin’s reserve risk. This move usually gives an opportunity for investors to buy since the risk-to-reward ratio has improved.
Litecoin’s development efforts have surged during the last seven days, in contrast to the previous numbers. This is good news for bitcoin since it indicates that developers are active and motivated to making the blockchain better.
The Litecoin price pattern implies that bullish acceleration is regaining pace after a brief period of consolidation in the $52-$55 range.
The MACD graph below shows a significant crossover on August 28 as the blue line is ready to flip the red line.
This suggests that a price hike for LTC is possible. Nonetheless, the RSI was found to be 44.55 without presenting a clear positive indication like the MACD.
The Exponential Moving Average (EMA) ribbon, on the other hand, revealed a negative bias in the market, as the red line was perched above the yellow line and the discrepancy seemed to be growing.
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