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litecoin [LTC]is often regarded as an underdog and has delivered a commendable performance over the past week compared to other market players.
Interestingly, litecoin Featured on the Top 5 Altcoins list published by the Evening Standard, it is sure to add more value to the blockchain.
Top 5 Altcoins for 2022 @EveningStandard https://t.co/VuTNfZCjb6
Litecoin (@litecoin) September 1, 2022
This list mentions some cryptocurrencies that could be considered alternatives to the cryptocurrency king in 2022. Bitcoin [BTC]These altcoins can be considered for investment purposes or as an option to diversify your investment portfolio.
Apart from Litecoin, other cryptos on the list include ethereum [ETH], Cardano [ADA], Solana [SOL], bitcoin cash [BCH]When dogecoin [DOGE]was the only meme coin on the list.
The secret of LTC’s success
While most cryptocurrencies have struggled on the upside since late August, Litecoin posted positive gains in 24 hours and 7 days. was.
The improvement in performance was not surprising as several on-chain metrics confirmed the rise. For example, LTC’s Market Value Realized Value (MVRV) ratio has been trending upwards rapidly with its price.
The price hike was also fueled by a high volume of deals, further establishing the legitimacy of the episode.
Source: Santimento
Interestingly, the number of incoming addresses has increased over the past week. This was a positive sign for LTC as it showed investor confidence in the token.
Source: Glassnode
In addition, LTC’s social presence also increased last week as trending words ranked significantly higher. This indicates a growing community interest in the coin.
The rise in important on-chain indicators and development activity suggest better days are ahead for Litecoin.
Source: Santimento
I’m looking forward to
Litecoin’s 4-hour chart also looked promising as a bullish pattern formed, further increasing the likelihood of a rally in the coming days.
LTC It found resistance at $57.8, but a positive on-chain indicator and a bullish ascending triangle pattern could lead to a breakout on the chart.
The 20-day EMA (green) has reversed the 50-day EMA (red). This is a bullish signal. Additionally, the Relative Strength Index (RSI) also registered an increase, increasing the likelihood of a northward breakout.
Source: Trading View
However, the Chaikin Money Flow (CMF) showed a bearish divergence as it fell. Price and RSI registered uptick. LTC from rising further.
