Litecoin (LTC) continues to prove its doubters wrong by weathering the ongoing crypto winter in impressive fashion, painting its charts green and posting significant price gains over the past few days.
At the time of writing, 13vol largest cryptocurrency with an overall valuation of $5.51 billion, is trading at $76.80 and is up 6% in the last 24 hours, as tracked by Coingecko.
The asset’s seven-day performance is more than “simply good” as it is up 25.1%. Meanwhile, on a monthly basis (MTD), the altcoin is up 36%.
What makes Litecoin’s current situation impressive is that it is happening at the same time as industry leaders Bitcoin and Ethereum are struggling to gain any footing to push their prices higher.
Litecoin: A “Profitable Opportunity” for Investors and Holders
As it turns out, LTC is not only doing wonders for your trading session performance as it is currently trading in the “satisfying phase“
Over the past few days, the asset’s market value to realized value (MVRV) ratio has also reached such a level that if Litecoin holders sold their shares at this point, they would make a good profit.
One possible reason for the resurgence of the digital coin could be its mining activities. According to information shared by the project via its official Twitter account, the asset was among the few proof-of-work digital currencies that have turned a “profit” over the past few months.
Despite reaching a mining difficulty level of 20.00M, the profitability of Litecoin miners was 60%.
In terms of hashrate, Litecoin saw an augment of 13.25% compared to the previous month, which indicates that the digital coin network is doing well and growing.
Pay attention to these factors before owning Litecoin
While LTC is currently trading unusually, it is significant to note that its current price is almost 13% lower than it was on November 23, when it tested the $83.36 resistance zone.
This was a result of the altcoin’s Relative Strength Index (RSI) settling at 41.80, which put the altcoin in an overbought position as sellers had a clear advantage.
Another bearish sign for Litecoin is its transfer speed from one address to another, as it has seen a significant decline compared to last week.
The web development business also doesn’t have much to offer these days, which indicates that developers don’t have anything fresh to offer these days.
Finally, according to Coincodex forecastOver the next five days, the LTC price is expected to augment by more than 12%, heading towards $86.
However, in a month’s time, the cryptocurrency is expected to lose some of its gains but still change hands at $77.16 – a value higher than its current spot price.
LTC total market cap at $5.5 billion on the daily chart | Featured image: Rvo.hu, Chart: TradingView.com
