Litecoin (LTC) Price Analysis: An Active Bear Trendline Is Suggested By Technical Indicators of LTC

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The value of Litecoin has reduced by 40 percent over the past one month, and this correlates with most of the digital currencies in the crypto market. The amount of transactions carried on a daily basis has also reduced drastically since December and January, and it’s now back at the levels it used to be before December.

Over the same period of time, the average transaction fees have declined as well. Litecoin continues to clear more transactions every day than Monero, Tron, Bitcoin Cash, and Zcash, while its transaction fees are cheaper than Monero, Ethereum, and Bitcoin.

Litecoin Price Today: Current Price of LTC

 

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At the time of writing, Litecoin (LTC) is trading at $107.365 after an increase of 0.3 percent in the last twenty-four hours. The present market cap of the digital currency is $6.05 billion and it is currently sitting at the number 6 spot on the list of leading digital currency in the world based on market cap. The trading volume of Litecoin in the last twenty-four hours is $349.81 million.

Kalichkin Network Value to Transaction (NVT)

The 30-day Kalichkin network value to transactions ratio of Litecoin is one of the lowest of all digital currencies, based on available data. This suggests that the digital currency is underpriced due to its utility. While the NVT ratio can be used to access the relative utility of the network over time, it is not easy to compare between digital currencies that use different types of transactions.

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Technical Analysis

A lot of digital currencies have moved collectively over the past few days. The Pearson Coefficient of Bitcoin and Litecoin has been 0.8230 since mid-December last year, indicating that the two digital currencies are highly correlated statistically.

The EMAs of the 1-day and 2-day chart are starting to show bearish trendline. On the 1-day chart, the 50/200-day exponential moving average cross holds a bearish cross with value far below the 200-day EMA.

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