The Future Coin

Bitcoin

$46,311.59

BTC -6.67%

Ethereum

$1,469.73

ETH -8.79%

XRP

$0.43

XRP -8.22%

Litecoin

$172.64

LTC -7.34%

EOS

$3.63

EOS -7.50%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Top Cryptocurrencies

One Top Crypto Prepares to Lift Off as Social Engagement Metrics Explode

by The Future Coin
May 20, 2020
in Top Cryptocurrencies
0
One Top Crypto Prepares to Lift Off as Social Engagement Metrics Explode
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Most of the top cryptocurrencies by market capitalization have been able to outperform Litecoin since March’s Black Thursday.

Since then, Bitcoin and Ethereum are up by more than 130%. Even XRP has been able to recover most of the losses incurred during the marketwide meltdown as it rose by nearly 88%. Meanwhile, the seventh-largest crypto is up only 84%.

Such an upward advance is quite significant, but when compared to the rest of the market, it seems minuscule. Regardless, on-chain metrics reveal that Litecoin could be preparing for liftoff.

Litecoin’s Social Engagement Metrics Explode

Data from Santiment reveals that since mid-April, Litecoin’s social activity has been experiencing a series of spikes reaching levels not seen since the beginning fo the year.

Throughout the first quarter of 2020, the number of LTC mentions across 1,000 crypto social media channels hovered at an average value of 70. But as Q2 kicked off, Litecoin’s social volume exploded, reaching a score of 722 in late April.

Historically, this altcoin tends to enter an uptrend when social engagement metrics climb up, which could be what is currently happening.

Litecoin's Social Volume. (Source: Santiment)

Litecoin’s Social Volume. (Source: Santiment)

In addition to the social volume, the token age consume chart adds credence to the optimistic outlook. This fundamental indicator shows the ratio between the number of coins changing addresses at a given date and the time since they were last moved, according to Santiment.

While the movement of old coins does not necessarily mean that LTC’s price will go up, a correlation between the two has been developing over the past three months.

When the price of Litecoin dropped by a whopping 50% between March 12 and 13, for instance, more than 200 million idled LTC tokens were moved to different addresses. Subsequently, this cryptocurrency surged over 76%.

A similar event took place on Apr. 16. Following a 20% retracement, an important number of old tokens changed hands, leading to a 17% upswing.

Now that nearly 107 million idled LTC token were moved to different addresses on May 18, history could be about to repeat itself.

Litecoin's Token Age Consumed. (Source: Santiment)

Litecoin’s Token Age Consumed. (Source: Santiment)

Strong Resistance Ahead of Litecoin

IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that Litecoin could find strong resistance ahead if the bulls were to step in. Approximately 75,000 addresses bought more than 1.24 million LTC between $47 and $48.4. Such a massive supply wall could put a stop to the bullish momentum.

But breaking through it could propel Litecoin towards $70. The IOMAP shows that there is not any significant barrier between these price points.

In/Out of the Money Around Price. (Source: IntoTheBlock)

In/Out of the Money Around Price. (Source: IntoTheBlock)

Due to the unpredictability of the cryptocurrency market, it is always essential to take into consideration the other side of the coin. If the selling pressure behind Litecoin starts to pick up, one must pay close attention to the $43 support level since moving past it may push this altcoin down to $39.

Featured Image from Shutterstock

Source link

EDITOR’S CHOICE

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

From mail-in ballots to business as usual, Vermont municipalities prepare for Town Meeting

CI files prospectus for Ethereum ETF – Advisor.ca

Crypto bull run on track amid surge in US inflation expectations

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 46,326.00
ethereum
Ethereum (ETH) $ 1,472.07
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 227.09
cardano
Cardano (ADA) $ 1.10
polkadot
Polkadot (DOT) $ 29.60
xrp
XRP (XRP) $ 0.427483
litecoin
Litecoin (LTC) $ 171.73
chainlink
Chainlink (LINK) $ 24.95
bitcoin-cash
Bitcoin Cash (BCH) $ 482.35
usd-coin
USD Coin (USDC) $ 1.00
stellar
Stellar (XLM) $ 0.375267
uniswap
Uniswap (UNI) $ 22.70
dogecoin
Dogecoin (DOGE) $ 0.050676
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 46,301.00
okb
OKB (OKB) $ 16.01
nem
NEM (XEM) $ 0.461525
cosmos
Cosmos (ATOM) $ 17.41
aave
Aave (AAVE) $ 326.55
crypto-com-chain
Crypto.com Coin (CRO) $ 0.152957
monero
Monero (XMR) $ 203.44
solana
Solana (SOL) $ 13.64
eos
EOS (EOS) $ 3.60
bitcoin-sv
Bitcoin SV (BSV) $ 179.60
tron
TRON (TRX) $ 0.044844
huobi-token
Huobi Token (HT) $ 16.18
theta-token
Theta Network (THETA) $ 3.02
iota
IOTA (MIOTA) $ 1.08
havven
Synthetix Network Token (SNX) $ 18.10
neo
NEO (NEO) $ 37.73
tezos
Tezos (XTZ) $ 3.38
vechain
VeChain (VET) $ 0.039303
terra-luna
Terra (LUNA) $ 6.01
ftx-token
FTX Token (FTT) $ 27.27
binance-usd
Binance USD (BUSD) $ 1.00
dai
Dai (DAI) $ 1.01
cdai
cDAI (CDAI) $ 0.021290
dash
Dash (DASH) $ 214.94
avalanche-2
Avalanche (AVAX) $ 26.53
elrond-erd-2
Elrond (EGLD) $ 117.14
the-graph
The Graph (GRT) $ 1.64
kusama
Kusama (KSM) $ 213.77
filecoin
Filecoin (FIL) $ 34.52
leo-token
LEO Token (LEO) $ 1.96
celsius-degree-token
Celsius Network (CEL) $ 4.84
compound-usd-coin
cUSDC (CUSDC) $ 0.021785
maker
Maker (MKR) $ 2,002.01
compound-ether
cETH (CETH) $ 29.44
sushi
Sushi (SUSHI) $ 14.01
compound-governance-token
Compound (COMP) $ 393.43