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Litecoin [LTC]: Good news on the NFT front, but here’s the ‘but’ of it all

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Good news came for the Litecoin [LTC] NFT ecosystem as it witnessed growth over the last few days. Santiment’s data revealed that not only did LTC’s total NFT trade count register an uptick, but it’s NFT trade volume in USD also increased.

This development was valid as LiteVerse, Litecoin’s first NFT marketplace, announced a partnership with Antpool. The LiteVerse is an NFT marketplace uses OmniLite to mint NFTs with low fees.

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Here’s AMBCrypto’s Price Prediction for Litecoin [LTC] for 2023-2024

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Despite growing in the NFT space, things did not look so good on LTC’s daily chart. This was because LTC, after witnessing a long price surge, dropped by more than 2% in the last seven days. Furthermore, at press time, LTC was trading at $55.05 with a market capitalization of over $3.94 billion.

Investors might have to cross their fingers and hope for the best as several of LTC’s on-chain metrics revealed the possibility of a price downfall.

Caution is recommended 

Litecoin’s velocity, after registering a spike, decreased considerably on 31 October. This was a bearish signal as it indicated that the coin was used in transactions less often within a set time frame. Furthermore, LTC’s daily active addresses also went down in October, which suggested a lower number of users active on the network. 

Source: Santiment

Nonetheless, a few things were working in LTC’s favor. For instance, LTC’s development activity increased. This was a positive sign for a blockchain. Moreover, LTC continued to gain interest from the derivatives market as its Binance funding rate was consistently high.

Source: Santiment

The bears are back in action 

A look at LTC’s daily chart suggested that buyers witnessed an edge in the market for a week. However, sellers had buckled up as several market indicators revealed the chances of a downtick.

LTC’s Relative Strength Index (RSI) was resting just above the neutral position. The Chaikin Money Flow (CMF) registered a downtick and went below the neutral mark, which was a bearish signal. Moreover, the Moving Average Convergence Divergence (MAC) displayed the possibility of a bearish crossover soon.

Interestingly, the 20-day Exponential Moving Average (EMA) was in a tussle with the 50-day EMA, which gave some hope for a price surge. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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