Litecoin’s BitPay payment counts were higher than those of Bitcoin. However, the coin’s price declined sharply over the last 24 hours.
LTC’s metrics and market indicators were bearish on the coin.
has outperformed Bitcoin [BTC] in terms of BitPay payments. This reflects how Litecoin’s adoption is rising. Whale activity around the coin also registered an uptick over the last month, which looked promising.However, LTC’s price did not correspond to these updates, as its weekly and daily charts were painted red.
At the time of writing, it was trading at $93.38 with a market capitalization of over $6.8 billion, making it the 11th largest crypto., reflecting an outflow of miners. The same trend remained true for Litecoin’s miner revenues, which also went down.LTC remained pretty stable. However, apart from that, most metrics were bearish. For example, its daily active addresses declined over the last 30 days. After an increment, its MVRV Ratio also went down. On top of that, the coin’s negative sentiment spiked a few times over the last few days.More bearish signs were revealed upon a check of its daily chart. Litecoin’s Relative Strength Index declined over the last few days, which is a development in the sellers’ favor.
Nonetheless, the Exponential Moving Average Ribbon kept favoring the bears, which can bear fruit in the coming days.
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