Litecoin [LTC] Bitcoin outperformed [BTC] in this factor

Amid the current bearish market conditions, Litecoin Often referred to as Bitcoin’s silver to gold, it hasn’t failed to please its investors. The altcoin has seen massive gains over the past seven days.

Here is AMBCrypto Litecoin price prediction for 2023-24

More good news came for LTC as the coin was listed among the top cryptos in terms of the Galaxy Score, which is a promising bullish signal.

Current LunarCrush Galaxy Score™ top 10 coins:

1️⃣ $collie
2️⃣ $flow
3️⃣ #amplifi
4️⃣ $fog
5️⃣ $clo
6️⃣ $ltc
7️⃣ $wtk
8️⃣ $unk
9️⃣ $nm
🔟 $ambhttps://t.co/BFkfJIFO20

— JU’MetaAsset (@Jeedjameel) October 26, 2022

In addition, Litecoin has also been listed on Blockbank, a CeFi and DeFi platform. This new listing will not only help LTC expand its reach, but also allow new investors access to the Litecoin ecosystem.

NEW LISTING: @Blockbankapp crypto users can now buy and trade #Litecoin⚡ https://t.co/dsD6LhP79d

— Litecoin (@litecoin) October 26, 2022

Now you might be wondering if LTC’s pump is due to its ecosystem-centric developments or if it was just a consequence of bitcoin’s price surge. Well, a look at its metrics will reveal the answer. But a point to note here is that aAt press time, LTC was trading at $56.52, up almost 10% over the past week, which was higher than Bitcoin’s 7-day value.

Not everyone was for it

LTCOn-chain metrics provided some clarity on the matter, as some of them supported the rise while others indicated a trend reversal.

LTC’s MVRV ratio has increased significantly over the past week, which is a bullish sign. In addition, the coin’s volume was also supportive as it increased along with the MVRV ratio.

Source: Santiment

Nonetheless, Glassnode data revealed a different story for Litecoin. The number of LTC receiving addresses has been declining over the past few days, which is a negative signal.

Not only that, Litecoin’s reserve risk has skyrocketed recently, indicating low investor confidence.

Source: Glassnode

No! LTC’s pump is real

Investors might be happy about that LTCThe daily chart suggested that the pump wasn’t just a result of the bullish market as several market indicators showed further movement north.

Both the Relative Strength Index (RSI) and the Chaikin Money Flow (FLOW) moved above the neutral position, which is a bullish signal.

Furthermore, the 20-day exponential moving average (EMA) (green) was rapidly closing in on the 50-day EMA (red), increasing the likelihood of a bullish crossover in the coming days.

That’s what the Bollinger Band revealed LTC’s price was about to enter a high volatility zone. Summing up all market indicators, a sustained price increase was likely, which should excite investors.

Source: TradingView

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