Litecoin (LTC) seemingly hit a speed bump that caused its bullish run to slow down a bit after it rallied all the way up to the $83 zone on December 5.
The following day, the cryptocurrency closed the trading session with a trading price below the $80 marker before reclaiming said territory on December 7.
Since then, the altcoin has been on a downward trend although it is already showing signs of recovery. In fact, at the time of this writing, according to tracking from Coingecko, Litecoin is changing hands at $78.18.
LTC only managed to go up by 3% during the last 24 hours but it is still enjoying an increase of 36.3% in its value over the last 30 days.
Moreover, the asset, despite its recent price dump, has once again managed to outperform other major cryptocurrencies in other departments.
Litecoin Surpasses Ethereum, Dogecoin, XRP In Transactions
The 13th largest digital currency with a total market cap of $5.60 billion recently emerged as one of the top choices among cryptocurrencies used as a mode of payment for Bitpay.
Specifically, Litecoin accounted for 27.64% of the overall tally of transactions that were being processed by the company’s platform.
Although it failed to supplant Bitcoin in this category after the maiden crypto appeared to have been utilized as payment for 41.62% of Bitpay’s total transactions, LTC still beat the likes of Ethereum (ETH), XRP and Dogecoin (DOGE).
In addition, the altcoin also proved to be profitable for its miners as data shared by CryptoCompare revealed Litecoin mining had an extremely high profitability rate of 58%.
Along this line, its network hash rate also spiked by 3.05% during the last 30 days – a development that suggests that the asset’s blockchain remains strong and healthy.
A Bearish Outlook Looms For Litecoin
After a bear market-defying performance, LTC seems to be headed on a decline that might cause it to lose the gains it had when it increased its price by more than 33% after November 23.
The cryptocurrency experienced rejection when it tested the resistance region of $84.45 as its Relative Strength Index (RSI), which now stands at 38.40, has fallen below the 50-neutral score.
The current state of the above-mentioned technical indicator coupled with its Chaikin Money Flow (CMF) which was below zero (-0.06) at the time of this writing indicates the momentum now belongs to sellers.
With that being said, Litecoin appears to be headed for another bearish trajectory and if left to deal with the possibility of a decline all the way down to $70.40.
LTC total market cap at $5.6 billion on the daily chart | Featured image - The News Wheel, Chart: TradingView.com
Credit: Source link
