The Evening Standard, a UK daily newspaper, has listed the top altcoin picks for its 2022 portfolio. One of the interesting names on the list was Litecoin (LTC), which will use mining for a long time.
Not XRP or SHIB, this is your altcoin portfolio ideal
Litecoin, one of the well-established altcoins of the market, performed commendable compared to other market players last week. Interestingly, Litecoin was included in the ‘Top 5 Altcoins’ list published by the Evening Standard.
cryptocoin.com The list we have quoted as a reference mentions some cryptocurrencies that can be seen as an alternative to Bitcoin in 2022. These altcoins can be considered for investment purposes. They can also be an option to diversify their investment portfolio. Other cryptos that made it to the list besides Litecoin include Ethereum, Cardano, Solana, Bitcoin Cash and Dogecoin, the only meme coin on the list. The general view is as follows.
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Left (LEFT)
- Cardano (ADA)
- Dogecoin (DOGE)
The secret behind LTC’s success
Most cryptos have struggled to rise since the end of August. Meanwhile, Litecoin managed to post positive 24-hour and seven-day gains. Currently, LTC is trading at $59.63 with a market cap of $4.3 billion. On the other hand, the performance increase came as no surprise, as several on-chain metrics supported the increase. For example, LTC’s Market Value Actual Value (MVRV) ratio quickly gained an uptrend along with its price. The price increase was also supported by higher volumes, further solidifying the legitimacy of the division.
Interestingly, the number of receiving addresses has increased over the past week. It was a positive sign for LTC as it showed investors’ confidence in the token.
Furthermore, LTC’s social presence has also increased in the past week as the ranking of trending words has improved significantly. This signaled a growing community interest in the altcoin project. Gains in critical on-chain metrics along with development activity suggest better days for Litecoin.
look forward
Litecoin’s four-hour chart also looked promising as a bullish pattern formed, further strengthening the chances of a surge in the coming days. LTC held resistance at the $57.8 mark, but there could be a breakout in the charts due to positive on-chain metrics and the ascending triangle pattern.
The 20-day EMA (Green) has turned the 50-day EMA (red), which is a bullish signal. Besides, the RSI has also picked up, increasing the likelihood of a breakout to the north.
However, Chaikin Money Flow (CMF) has been bearish on the way down. Price and RSI recorded gains that could restrict LTC from rising any further.
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