Litecoin miners stayed profitable even as LTC recorded price dips within the past 30 days. Moreover, the altcoin might have growth potential despite the plummeting market capitalization and volume. How? You may ask. Here are the details.
A crypto mining analysis platform CryptoCompare revealed that mining LTC had a 34% profit ratio/day as of this publication. Moreover, Litecoin’s hashrate saw notable growth within the past three months. That means a lucrative signal for the alternative token, indicating a secure and robust network.
Additionally, improvements on the social side favored LTC. Data from LunarCrush reveals that the token’s social engagements soared by 10.68% within the previous week, whereas social mentions noted an 11.68% uptick.
Nevertheless, Litecoin suffered on the public sentiment front. The asset’s weighted sentiment declined over the last week, suggesting a negative stance by the cryptocurrency community towards the alternative token.
Also, LTC saw a dip in velocity. The past 30 days saw Litecoin’s volume declining by 69.85%, hovering at 329.22 million during this publication. Its MVRV (Market Value-Realized Value) ratio also plummeted, confirming a bearish near-term future.
Hope for Litecoin
Despite the discussed bearish activity, Litecoin noted an uptick in development activity within the previous few days. The activity surge could have emerged from the recent MWEB technology. The upgrade allows individuals to complete transactions on the LTC network with confidentiality.
Also, the latest tweet by the project confirmed LTC’s new code was ready for review. Moreover, the Litecoin team worked with wallet creators and attempted to enhance its documentation.
While publishing this content, LTC traded at $53.26. the alternative token lost 8.62% after hitting the resistance at $58.59 on September 17. The slump pinned the alt at the $55.36 – $50.36 range. The RSI (Relative Strength Index) maintained freefalls, hovering at 43.68 during this publication.
The CMF (Chaikin Money Flow) stood at 0.11 – a bullish signal. Nevertheless, the indicator displayed declines, meaning Litecoin’s price could slump sharply to massive lows. Though Litecoin’s future could seem bleak, enthusiasts interested in shorting the alt should watch LTC’s daily active address movements for effective bets.
Stay tuned for upcoming crypto news.