While most cryptos like Bitcoin and Ethereum struggled, Litecoin [LTC] decoupled from the market in the last 24 hours...
The crypto market at large has been seeing major price corrections lately, with bears dictating the prices of most cryptos. However,’s daily charts were red. However, Litecoin had other plans. The altcoin hiked by over 3% in the last 24 hours. At the time of writing, LTC was trading at $65.38 with a market capitalization of over $4.89 billion.
Thanks to the aforementioned price hike, LTC’s weighted sentiment went into positive territory. This suggested that bullish sentiment around the token hiked. Additionally, its social volume also remained relatively stable, reflecting LTC’s popularity in the crypto space.AMBCrypto assessed Litecoin’s on-chain data to find out what supported this recent price hike.
As per our analysis of Santiment’s data, LTC’s volume remained high. Usually, a hike in volume along with the price acts as a foundation for a bull rally. Moreover, its MVRV ratio also improved – A bullish feature.Our look at Glassnode’s data revealed that LTC is approaching its possible market bottom of $72. If this metric is considered singularly, LTC might continue its journey towards a market top of $148 in the coming weeks or months.For instance, its long/short ratio registered a decline.
Finally, LTC’s Chaikin Money Flow registered an uptick. The Relative Strength Index also followed a similar increasing trend.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.Subscribe to get it daily in your inbox.
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