Can LTC’s growing hashrate sustain its ongoing price rally? Evidence suggests…

Can LTC’s growing hashrate sustain its ongoing price rally? Evidence suggests…

Litecoin’s [LTC] current, unprecedented surge may very well be chargeable for making the altcoin a sizzling matter within the cryptocurrency market. As per CoinMarketCap, LTC’s value grew by greater than 29% within the final seven days.

This was considerably higher than most cryptocurrencies, nevertheless, LTC stood behind Polygon [MATIC]. On the time of writing, LTC was trading at $71.46 with a market capitalization of greater than $5 billion.

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Right here’s AMBCrypto’s Worth Prediction for Litecoin [LTC] for 2023-2024

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Curiously, LTC’s mining group may very well be the rationale for this surge as LTC’s hashrate witnessed a major surge not too long ago. Knowledge from CoinWarz revealed that LTC’s hashtag was rising persistently over the previous few months. At press time, LTC’s hashrate stood at at 522.19 TH/s. Moreover, on account of the hike in LTC’s hashrate, its mining issue additionally adopted the identical path and went up currently.

Supply: CoinWarz

A fast look on the metrics…

Due to the continued value pump, some on-chain metrics have been in favor of LTC, as they prompt a continued uptrend within the coming days. LTC’s Market Worth to Realized Worth (MVRV) ratio was up, which was a optimistic sign for the community.

Furthermore, LTC’s every day lively addresses additionally witnessed a constant excessive, thus indicating a steady variety of customers on the community. 

Supply: Santiment

Nevertheless, the remainder of the metrics deliberate to maneuver in the other way. This may very well be a matter of concern for traders. For example, LTC’s improvement exercise went down sharply during the last week, which was a detrimental sign for the blockchain.

Furthermore, regardless of the hike in LTC’s value, its quantity registered a decline up to now few days. Glassnode’s data revealed that Litecoin’s reserve danger spiked currently. This additionally indicated that it was not the fitting time for traders to build up.

Supply: Santiment

That is what LTC merchants can anticipate

A take a look at LTC’s every day chart painted a bullish image for the coin as a lot of the market indicators prompt a continued uptrend within the coming days. Examplar, the Exponential Transferring Common (EMA) Ribbon revealed patrons’ benefit available in the market. The Transferring Common Convergence Divergence (MACD)’s studying complemented that of the EMA Ribbon, because it too indicated that the bulls had an edge over the bears.

Nevertheless, the Relative Energy Index (RSI) was within the overbought zone, which meant {that a} development reversal may very well be on the best way. Furthermore, the Cash Circulate Index (MFI) additionally registered an uptick and headed in the direction of the overbought zone. 

Supply: TradingView

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