Decoding how Litecoin managed to break the norm in a bearish market

• Litecoin’s value elevated by greater than 15% within the final seven days.
• Miner charges elevated, and LTC hashrate was additionally on the rise.

Whereas all the crypto market continued to witness bears’ wrath, Litecoin [LTC] was capable of break the chain. In keeping with CoinMarketCap, LTC’s value elevated by over 15% within the final seven days. LTC’s every day chart was additionally inexperienced, and at press time, it was buying and selling at $93.27 with a market capitalization of greater than $6.8 billion.

Real looking or not, right here’s LTC’s market cap in BTC phrases

Litecoin grows on a number of fronts

Not solely did LTC’s value surge, however as per the Litecoin Basis’s newest tweet, Litecoin’s transaction depend additionally skyrocketed.

In keeping with the tweet, the Litecoin community is processing shut to 1 million transactions each two days, which is commendable. 

A fast have a look at Litecoin miners

Litecoin’s hashrate registered a decline originally of Could. Nevertheless, the state of affairs has now modified because the graph has moved up, indicating an inflow of latest miners.

The rise in hashrate might be attributed to the uptick in miners’ charges. The rise in charges coupled with extra transactions and value positive aspects may lure in additional miners. 

Supply: Glassnode

Is the value hike all hype? 

A serious driving power behind the value pump could possibly be the hype round Litecoin’s upcoming halving. The subsequent halving is scheduled to occur in 69 days from the time of this writing.

Traditionally, after halving, LTC’s value goes up. Subsequently, the opportunity of this hype fueling LTC’s pump additionally appeared fairly doubtless.

Supply: NICEHASH

Will LTC’s value proceed to surge?

A have a look at LTC’s on-chain metrics gave hope for an extra value uptick within the coming days. As an example, LTC’s MVRV Ratio was excessive, which is usually a bullish sign.

Furthermore, the value hike was backed by elevated quantity, offering a basis for the uptrend.

Supply: Santiment

Moreover, constructive sentiments round LTC had been excessive, reflecting buyers’ confidence within the coin. Its every day lively addresses additionally remained comparatively steady, which too seemed optimistic. 

Supply: Santiment

How a lot are 1,10,100 LTCs value in the present day   

The bulls are onerous to beat

Upon checking Litecoin’s every day chart, the opportunity of a continued uptrend appeared much more doubtless. The MACD’s information confirmed that bulls had been main the market. LTC’s Exponential Shifting Common (EMA) Ribbon displayed the opportunity of a bullish crossover.

The coin’s Relative Power Index was above the impartial zone, one more constructive signal. Nevertheless, the Chaikin Cash Stream registered a slight downtick, which may trigger hassle. 

Supply: TradingView