Litecoin is one of those cryptocurrencies that haven’t experienced any gains this year. Besides gaining, Litecoin’s LTC price has fallen by over 27% in the last year. However, according to a recent post by the on-chain analytic firm Santiment, the trading activity for Litecoin (LTC) is not very active, as it holds the 19th position in the market cap. And its position is continuously falling because of this lesser trading activity.
Does Litecoin follow the same pattern as Bitcoin?
In a post on X (previously Twitter), Santiment highlights that we should keep an eye on Litecoin because sometimes its price movement follows a similar movement to Bitcoin. However, if we look at the performance of Bitcoin for the last 1 year, its price has surged by over 100%, from $21,800 to $46,100. Additionally, if Litecoin follows the same pattern as Bitcoin for some time, then why is its performance negative?
There might be many reasons like developments, improper roadmaps, lack of collaboration, and many more things. As an investor and crypto enthusiast, it’s essential to know where and which project is going to blast in this rapidly evolving crypto industry in the coming days. This is something that hasn’t been evident in Litecoin.
Recently, Litecoin’s price rose above $70 for the first time since January 22, 2024. Besides its poor performance, Litecoin is highly active on social media, where it regularly provides updates about ongoing activities on the network. As per a recent post, Litecoin shares that the current hashrate is 1.06 PH/s with a mining difficulty of 32.67 million at block height 2,629,737. While mentioning all this data, Litecoin also highlights that it is stronger and more secure than ever.
Litecoin’s technical analysis and upcoming price
As of writing, Litecoin’s LTC is trading near $71, and in the last 24 hours, its price experienced over 3% of upside momentum. If we look at LTC over a longer period, in the last 7 trading days, LTC’s price surged by over 4.5%, whereas in the last 30 trading days, its price experienced only 6% of upside momentum.
According to expert technical analysis, if we see the Litecoin chart on a daily time frame, it is observed that it is continuously falling while making lower highs and lower lows. However, as of now, LTC is at a strong resistance level, which is continuously preventing LTC from breaching this level.
Source: TradingView
Apart from trendline resistance, LTC is also getting resistance from the 200 Exponential Moving Average (EMA). In the coming days, if LTC’s price closes above $72.5, then we may see a small upside momentum till $80.
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