Key Points
- Despite high network activity, Litecoin (LTC) has seen a nearly 15% price decline in the last 30 days.
- LTC’s price decline may continue, despite it outperforming Bitcoin (BTC) and Ethereum (ETH) in terms of active addresses.
Litecoin (LTC) has failed to generate profits for investors as its price continues to slide, despite it outpacing other top 30 cryptocurrencies in certain areas.
LTC Outperforms BTC and ETH
Interestingly, Litecoin has surpassed both Bitcoin (BTC) and Ethereum (ETH) in terms of active addresses, suggesting a rise in adoption and network usage.
This was confirmed by data from Santiment, which showed that Litecoin’s daily active addresses remained high over the past month, peaking at over 858k on June 6th.
LTC Price Struggles
Despite the positive network activity, LTC’s price has not followed suit. Data from CoinMarketCap reveals a nearly 15% drop in LTC’s price over the past 30 days.
At the time of writing, LTC was trading at $70.61 with a market capitalization of over $5.27 billion, ranking it as the 22nd largest cryptocurrency.
Data from Glassnode indicates a potential for further price decline, with an increase in LTC’s NVT ratio suggesting that the asset may be overvalued.
Further analysis of LTC’s daily chart indicates a bearish trend, with indicators such as the MACD and the Chaikin Money Flow suggesting a continued price decline.
Despite this, LTC’s price has reached the lower limit of the Bollinger Bands, suggesting a possible recovery in the near future.
Hyblock Capital’s data suggests that if the price decline continues, LTC could drop to $67. However, a trend reversal could see LTC aiming for $81.4 as the first step towards recovery.