Litecoin (LTC) is outperforming Bitcoin in the last 24 hours
Litecoin (LTC) has had a difficult time pumping its value since 2022’s Great Market Crash. Most cryptocurrencies also experienced the same misery.
However, since last month, the (bear) market has shown signs of resurgence (well, depending on which cryptocurrency article you read), allowing LTC to reach $63 by the middle of this month.
Public interest in cryptocurrencies has varied drastically in recent years. It has piqued the curiosity of investors, whose passion for cryptocurrencies has increased with time.
Bitcoin, which has become synonymous with producing crypto-millionaires and increasing people’s digitized wealth, has been the central target of this enthusiasm.
Litecoin is flexing its muscles in the last 24 hours
Since the inception of Bitcoin, hundreds of different cryptoassets have been created or split from it. Litecoin, a Bitcoin offshoot or more technically “fork”, is one of these altcoins, the term for non-Bitcoin cryptocurrencies.
Litcoin, on the other hand, has excelled by showing greater indications of recovery in the last 24 hours, with a performance gain of over 2%.
LTC’s growth in the last 24 hours was even higher compared to leading cryptocurrencies such as Bitcoin and Ethereum.
At the time of writing, Litecoin is trading at $56.18, up 1% in the last seven days. By comparison, Bitcoin is at $20,251, down 6.2% in the past week.
The recent market decline brought LTC’s price past the $51 level. Along with the decline in the altcoin’s price, the MVRV (Market Value to Realized Value) ratio also fell, signaling a likely market bottom.
Consequently, there is a chance that Litecoin’s price will continue to grow in the days ahead.
Risk-to-reward ratio down – time to buy LTC?
Furthermore, an exciting trend for investors was the reduction in altcoins’ reserve risk. This shift usually gives investors a chance to buy, as the risk-reward ratio has improved.
Contrary to the previous numbers, Litecoin’s development activities increased in the last seven days. For the cryptocurrency, this bodes well because it shows that engineers are engaged and committed to making the blockchain better.
After a brief period of consolidation in the $52-$55 zone, the Litecoin price pattern indicates that bullish acceleration is currently regaining traction.
On August 28, the MACD chart below suggests a strong crossover as the blue line is about to reverse the red line.
This indicates that a price increase for LTC may be coming. Nevertheless, the RSI was spotted at 44.55 without showing an obvious positive indicator like the MACD.
Source: TradingView.com
Alternatively, the EMA (Exponential Moving Average) band suggested a negative bias in the market, as the red line was positioned above the yellow line and the divergence appeared to be widening.
LTC total market cap at $3.95 billion on the daily chart | Source: TradingView.com Featured image from ITNext, chart from TradingView.com
