Litecoin [LTC], which is commonly considered an underdog, displayed a commendable efficiency final week as in comparison with different market gamers.
Curiously, Litecoin was featured within the ‘High 5 Altcoin’ checklist printed by the Night Commonplace, which positively provides extra worth to the blockchain.
‘2022’s High 5 Altcoins’ – @EveningStandard https://t.co/VuTNfZCjb6
— Litecoin (@litecoin) September 1, 2022
The checklist talked about a number of the cryptocurrencies in 2022 that may be considered as alternate options to the king of crypto, Bitcoin [BTC]. These altcoins will be thought-about for funding functions or could be a selection for diversifying funding portfolios.
Other than Litecoin, different cryptos that made it to the checklist embody Ethereum [ETH], Cardano [ADA], Solana [SOL], Bitcoin Cash [BCH], and Dogecoin [DOGE], which was the one meme coin on the checklist.
Secret behind LTC’s success
Whereas most cryptos struggled to maneuver upwards since late August, Litecoin managed to register optimistic 24-hour and seven-day features. On the time of writing, LTC was buying and selling at $57.24 with a market capitalization of $4,068,169,109.
The efficiency increment didn’t come as a shock, as a number of on-chain metrics backed the uptick. As an illustration, LTC’s Market Worth Realized Worth (MVRV) ratio shortly gained an uptrend together with its value.
The worth surge was additionally backed by excessive volumes, additional establishing the legitimacy of the episode.
Supply: Santiment
Curiously, the variety of receiving addresses elevated during the last week. It was a optimistic signal for LTC because it indicated traders’ confidence within the token.
Supply: Glassnode
Moreover, LTC’s social presence additionally elevated during the last week as its trending phrases rank improved significantly. This pointed towards an elevated group curiosity within the coin.
Beneficial properties in vital on-chain metrics together with improvement exercise steered higher days forward for Litecoin.
Supply: Santiment
Trying Ahead
Litecoin’s four-hour chart additionally seemed promising as a bullish sample was shaped, additional strengthening the possibilities of a surge within the coming days.
LTC confirmed resistance on the $57.8 mark, however a breakout could also be on the charts attributable to optimistic on-chain metrics and a bullish ascending triangle sample.
The 20-day EMA (Inexperienced) flipped the 50-day EMA (pink), which is a bullish sign. Furthermore, the Relative Power Index (RSI) additionally registered an uptick, rising the opportunity of a northward breakout.
Supply: TradingView
Nevertheless, the Chaikin Cash Move (CMF) confirmed a bearish divergence because it went down. The worth and RSI registered upticks, which could limit LTC from going up additional.
