Litecoin [LTC] had a difficult seven days, as the cryptocurrency couldnt perform as per investor expectations. The alt registered a mere 1% seven-day gains. According to CoinMarketCap, LTC at press time, was trading at $53.39 with a market capitalization of more than $3.8 billion.

In an interesting revelation, CRYPTOWZRD, a popular crypto analyst, pointed out that Litecoin was following Bitcoins [BTC]overall sentiment and movements.

The findings of this analysis were evident by looking at both the charts of both the coins as they registered similar growth in the last few days.

For instance, at press time BTCs and LTCs one-hour growth was 0.03% and 0.16% respectively. Nonetheless, the Litecoin ecosystem witnessed a few upgrades and developments. These may have the potential to help the coin move up in the days to come.

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Here is AMBCryptos Price Prediction for Litecoin (LTC) for 2023-24

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Recently, Litecoin developers pushed a new update called MimbleWimble Extension Blocks. According to them, this is the largest upgrade in the LTC blockchain as it will increase LTCs scalability over ten fold. This development looked pretty promising as it increased the blockchains capability considerably.

However, despite the effort, things in the short-term didnt seem to be in LTCs favor as several metrics suggest a possible downfall in the coming days.

For instance, though the Market Value to Realized Value (MVRV) ratio registered a slight uptick, it was still considerably down. Litecoin also didnt manage to gain much traction from the crypto community, which was evident by looking at LTCs social volume as it decreased over the last week.

Earlier this month, Santiments data also revealed that LTC gained the third spot on the list of cryptocurrencies with the most daily active addresses. However, things might have changed a bit over the last few weeks, as LTCs daily active addresses declined as compared to late September. Nonetheless, LTCs development activity had spiked lately, which was a green flag.

Furthermore, data from on-chain intelligence platform Glassnode pointed out that LTCs reserve risk decreased in the last week. This meant that traders could invest in LTC.

LTCs daily chart portrayed an ambiguous picture as a few market indicators supported a price hike, while the rest suggested otherwise. For instance, the Moving Average Convergence Divergence (MACD) displayed a bullish crossover, which might help the coin climb the ladder in the coming days.

The Bollinger Bands (BB) data revealed that LTCs price might soon enter a high volatility zone after registering a weeks-long sideways monument. This may increase the chances of a northbound breakout.

The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were both near neutral positions, suggesting that the market could head in any direction. However, the Exponential Moving Average (EMA) Ribbon indicated sellers advantage in the market as the 20-day EMA was resting below the 55-day EMA. This may minimize the chances of an uptick in the short-term.

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Can Litecoins latest developments make LTC an investor favorite in Q4 - AMBCrypto News