Litecoin [LTC], which is commonly thought to be an underdog, displayed a commendable efficiency final week as in comparison with different market gamers.
Apparently, Litecoin was featured within the ‘High 5 Altcoin’ listing printed by the Night Commonplace, which undoubtedly provides extra worth to the blockchain.
— Litecoin (@litecoin) September 1, 2022
The listing talked about a few of the cryptocurrencies in 2022 that may be seen as alternate options to the king of crypto, Bitcoin [BTC]. These altcoins will be thought-about for funding functions or generally is a selection for diversifying funding portfolios.
Aside from Litecoin, different cryptos that made it to the listing embrace Ethereum [ETH], Cardano [ADA], Solana [SOL], Bitcoin Cash [BCH], and Dogecoin [DOGE], which was the one meme coin on the listing.
Secret behind LTC’s success
Whereas most cryptos struggled to maneuver upwards since late August, Litecoin managed to register constructive 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. For example, LTC’s Market Worth Realized Worth (MVRV) ratio shortly gained an uptrend together with its value.
The value surge was additionally backed by excessive volumes, additional establishing the legitimacy of the episode.
Apparently, the variety of receiving addresses elevated over the past week. It was a constructive signal for LTC because it indicated traders’ confidence within the token.
Moreover, LTC’s social presence additionally elevated over the past week as its trending phrases rank improved significantly. This pointed towards an elevated group curiosity within the coin.
Positive aspects in important on-chain metrics together with improvement exercise prompt higher days forward for Litecoin.
Litecoin’s four-hour chart additionally seemed promising as a bullish sample was shaped, additional strengthening the probabilities of a surge within the coming days.
LTC confirmed resistance on the $57.8 mark, however a breakout could also be on the charts resulting from constructive 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.
Nevertheless, the Chaikin Cash Circulation (CMF) confirmed a bearish divergence because it went down. The value and RSI registered upticks, which could limit LTC from going up additional.