- Litecoin’s price increased by 1% over the last 24 hours.
- Though a few metrics were bearish, market indicators suggested otherwise.
Just a month after Litecoin’s [LTC] third halving, the coin has reached a new milestone. The latest achievement in LTC’s bag reflected investors’ confidence in the coin.
Read Litecoin’s [LTC] Price Prediction 2023-24
However, though the number of LTC investors continued to rise, investors’ willingness to trade the coin remained low, as its 24-hour trading volume dipped by over 3%. Will their confidence in Litecoin show its effects in the short term, or will traders have to wait for a bull run?
Confidence in Litecoin is high
IntoTheBlock’s 7 September tweet revealed that Litecoin’s total number of long-term hodlers had reached the 5 million mark. This episode signaled growing confidence in the asset.
Litecoin reached a major milestone this week. The number of long-term $LTC holders has just hit 5 million — signaling growing confidence in the asset.
🔗https://t.co/rG2UOkZLc5 pic.twitter.com/5uH0eVMpYb— IntoTheBlock (@intotheblock) September 7, 2023
Moreover, Glassnode’s chart pointed out another interesting metric. There was a change in Litecoin’s Hodler Net Position, revealing that hodlers accumulated new positions over the last few months, further proving the fact that investors had high hopes from LTC.
Source: Glassnode
The faith was also reflected in the coin’s performance on the social front. As per LunarCrush, bullish sentiment around LTC surged by more than 50% last month, while bearish sentiment dropped by over 60%.
Additionally, its social dominance also went up by 23%, which looked optimistic.
Anything in store for the short term?
Investors’ confidence in Litecoin was starting to show its effects on its price chart, which turned green. According to CoinMarketCap, LTC was up by 1% in the last 24 hours. At the time of writing, it was trading at $63.67 with a market capitalization of over $4.6 billion.
The coin’s MVRV ratio improved last week, which was bullish. However, the price uptick was accompanied by a drop in trading volume. Another bearish metric was LTC’s 1-week price volatility, which plummeted of late.
Source: Santiment
Realistic or not, here’s LTC’s market cap in BTC’s terms
Nonetheless, a few of the market indicators remain bullish. For instance, the MACD displayed that the bulls were leading the market. Litecoin’s Chaikin Money Flow (CMF) also remained relatively high.
The Money Flow Index (MFI) registered an uptick and was headed towards the neutral mark at press time, increasing the chances of a continued uptrend.
Source: TradingView
