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.<\/p>\n
The following day, the cryptocurrency closed the trading session with a trading price below the $80 marker before reclaiming said territory on December 7.<\/p>\n
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<\/a>, Litecoin is changing hands at $78.18.<\/p>\n 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.<\/p>\n Moreover, the asset, despite its recent price dump, has once again managed to outperform other major cryptocurrencies<\/a> in other departments.<\/p>\n 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.<\/p>\n Specifically, Litecoin accounted for 27.64% of the overall tally of transactions that were being processed by the company\u2019s platform.<\/p>\n 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\u2019s total transactions, LTC still beat the likes of Ethereum (ETH), XRP and Dogecoin (DOGE).<\/p>\n In addition, the altcoin also proved to be profitable for its miners as data shared by CryptoCompare revealed Litecoin mining<\/a> had an extremely high profitability rate of 58%.<\/p>\n Along this line, its network hash rate also spiked by 3.05% during the last 30 days \u2013 a development that suggests that the asset\u2019s blockchain remains strong and healthy.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n\n LTC total market cap at $5.6 billion on the daily chart | Featured image – The News Wheel, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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.<\/p>\n The following day, the cryptocurrency closed the trading session with a trading price below the $80 marker before reclaiming said territory on December 7.<\/p>\n 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<\/a>, Litecoin is changing hands at $78.18.<\/p>\n 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.<\/p>\n Moreover, the asset, despite its recent price dump, has once again managed to outperform other major cryptocurrencies<\/a> in other departments.<\/p>\n 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.<\/p>\n Specifically, Litecoin accounted for 27.64% of the overall tally of transactions that were being processed by the company\u2019s platform.<\/p>\n 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\u2019s total transactions, LTC still beat the likes of Ethereum (ETH), XRP and Dogecoin (DOGE).<\/p>\nLitecoin Surpasses Ethereum, Dogecoin, XRP In Transactions<\/h2>\n
A Bearish Outlook Looms For Litecoin<\/h2>\n
Litecoin Surpasses Ethereum, Dogecoin, XRP In Transactions<\/h2>\n