Along with other metrics, demand for Litecoin is falling and suggesting a move that could be at holders’ expense.has increased by 4.18%, while trading at $74.64. However, all these gains could be erased if coin holders decide to go ahead with confirming the sell orders on exchanges.that more coins are lined up on the ask side. In trading terms, to ask is to sell, while to bid is to buy.As seen below, the number of LTC on the bid side was significantly lower.
At press time, Litecoin’s NVT ratio had jumped, according to Glassnode data. Therefore, it is not out of place to mentioned that, relative to the current market condition, LTC is overvalued.Therefore, the price of the cryptocurrency could decrease in the short term. Apart from the metrics above, AMBCrypto also examined Litecoin’s MVRV ratio.MVRV stands for Market Value to Realized Value. It measures profitability of holders with respect to valuation.
However, if the reading is negative, it is undervalued and could offer a good buying opportunity. At press time, Litecoin’s 30-day MVRV ratio was 14.10%. This means that if all LTC holders sell, the average return will be around 14%. When looking at it from the lens of the broader market condition, which has seen most cryptos trade sideways, LTC could be overvalued. In addition, we
According to Santiment, Litecoin’s 24-hour active addresses was down to 401,000. When active addresses increases, it means that unique addresses are increasingly making transactions.Should the network activity continue to drop, demand for LTC will mostly likely decrease. If this is the case, the price may have no option than to decrease. But if buying pressure increase, Litecoin’s price may rebound.Victor Olanrewaju is a full-time journalist at AMBCrypto.
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