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| Source: Freepik |
Interestingly, Litecoin was featured within the ‘Top five Altcoin’ list revealed by the Evening Standard, which positively adds a lot of worth to the blockchain.
'2022’s Top Five Altcoins' - @EveningStandard https://t.co/VuTNfZCjb6
— Litecoin (@litecoin) September 1, 2022
The list mentioned a number of the cryptocurrencies in 2022 that may be viewed as alternatives to the king of crypto, Bitcoin [BTC]. These altcoins are often considered for investment purposes or are often an alternative for diversifying investment portfolios.
aside from Litecoin, alternative cryptos that created it to the list embrace Ethereum [ETH], Cardano [ADA], Solana [SOL], Bitcoin money [BCH], and Dogecoin [DOGE], which was the sole culture coin on the list.
The secret behind LTC’s success
whereas most cryptos struggled to maneuver upwards since late August, Litecoin managed to register positive 24-hour and seven-day gains. At the time of writing, LTC was commercialism at $57.24 with a capitalization of $4,068,169,109.The performance increment didn't come as a surprise, as many on-chain metrics backed the uptick. For instance, LTC’s market price completed worth (MVRV) magnitude relation quickly gained AN uptrend together with its price.
the value surge was conjointly backed by high volumes, any establishing the legitimacy of the episode.
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| Source: Santiment |
Interestingly, the amount of receiving addresses accrued over the last week. it had been a positive sign for LTC because it indicated investors’ confidence in the token.
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| Source: Glassnode |
Additionally, LTC's social media presence has grown over the past week as a result of a significant improvement in its ranking for trending phrases. This pointed toward AN accrued community interest within the coin.
Gains in essential on-chain metrics together with development activity instructed higher days ahead for Litecoin.
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| Source: Santiment |
wanting Forward
Litecoin’s four-hour chart conjointly looked promising as an optimistic pattern was formed, any strengthening the probabilities of a surge in the returning days.LTC showed resistance at the $57.8 mark, however, a jailbreak could also be on the charts thanks to positive on-chain metrics and a bullish ascending triangle pattern.
The 20-day EMA (Green) flipped the 50-day EMA (red), which may be an optimistic signal. Moreover, the Relative Strength Index (RSI) conjointly registered AN uptick, increasing the likelihood of a northward breakout.
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| Source: TradingView |
However, the Chaikin cash Flow (CMF) showed a pessimistic divergence because it went down. the value and RSI registered upticks, which could prohibit LTC from growing further.
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