Litecoin: Bears may be out for a meal, but LTC could have these tricks up its sleeve

Litecoin’s [LTC] miners remained profitable despite LTC’s price witnessing a downfall since the last 30 days. Furthermore, regardless of LTC’s declining volume and market cap, there may be potential for LTC to grow. Here’s how…

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Here’s AMBCrypto’s Price Prediction for Litecoin [LTC] for 2022-2023

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According to CryptoCompare, a website dedicated to analyzing crypto mining data, mining Litecoin, at press time, gave a 34% profit ratio per day. Additionally, LTC’s hashrate was witnessed considerable growth over the last three months as well. This was a good sign for the coin as it indicated a strong and secure network.

Source: Messari

Furthermore, a growth on the social front also acted in favor of LTC. According to LunarCrush, a social media analytics firm, Litecoin’s social engagements grew by 10.68% over the last week and social mentions grew by 11.68%.

However, the public sentiment was not in Litecoin’s favor. The weighted sentiment for LTC was declining since the past week, indicating that the crypto community had a negative outlook towards the altcoin.

Source: Santiment

LTC also witnessed a decline in its velocity. Litecoin’s volume, in the last 30 days, depreciated by 69.85% and stood at 329.22 million at press time. Its Market Value to Realized Value (MVRV) ratio was also declining, indicative of a bearish short-term future.

Source: Santiment

However, despite all the bearish activity, a spike in development activity was observed over the past few days. This activity could be attributed to the latest MWEB technology that Litecoin was working on.

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