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- Litecoin sees signs of a slowdown after being in the list of top performers last week<\/em><\/li>\n
- A look at what investors should expect moving forward<\/em><\/li>\n<\/ul>\n
Last week we saw Litecoin<\/a> achieve an upside as most of the top coins failed remained struggled to bounce back. As a result, Litecoin was receiving a lot of attention<\/a>, aided by a favorable mention by Michael Saylor during an interview. But can it sustain its upside now that the market is showing some signs of a slight recovery?<\/p>\n
\nRead Litecoin\u2019s [LTC] price prediction<\/a> 2023-2024<\/p>\n
\nThe Litecoin Magazine took note of Saylor\u2019s recent statements wherein he described LTC as a store of value. Saylor has been one of the leading authorities in the crypto segment, hence his statement carried a lot of weight.<\/p>\n
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This is not the first time @saylor<\/a> has mentioned Litecoin in interviews. He has two more aside from the recent twitter space. Good to see he is not bias and understands sound money. https:\/\/t.co\/sD0dktSh6d<\/a><\/p>\n
\u2014 Litecoin Magazine \u0141Ⓜ️🕸 (@LitecoinMag) November 19, 2022<\/a><\/p>\n<\/blockquote>\n
Saylor\u2019s brief mention and categorization of Litecoin alongside Bitcoin was not taken lightly. Hours after his statement, the cryptocurrency experienced a surge in its social dominance metric. Fast forward to the present and Litecoin was among the top trending cryptocurrencies.<\/p>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Litecoin-LTC-15.44.15-20-Nov-2022.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
The renewed interest in Litecoin had a favorable outcome in LTC\u2019s price action. However, LTC\u2019s momentum has notably slowed down in the last 24 hours, indicating that the bulls might be running out of huff.<\/p>\n
Why Litecoin\u2019s demand may be slowing down<\/strong><\/h3>\n
A look at Litecoin supply distribution revealed the reason for LTC to overcome the general market direction<\/a>. Addresses in the 10,000 to 100,000 category and those holding more than 1 million coins have been accumulating since the first week of November. This explained why LTC continued to rally last week.<\/p>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Litecoin-LTC-15.57.14-20-Nov-2022.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
However, buying activity from these addresses witnessed a noticeable slowdown in their accumulation. Meanwhile, addresses holding between 100,000 and 1 million coins have been selling, thus contributing to some sell pressure. These top addresses have leveled out their selling activities in the last two days.<\/p>\n
The slowdown in LTC\u2019s upside was accompanied by a shift in sentiment. Its weighted sentiment metric dropped substantially in the last two days. This indicated that investors might be expecting some downside.<\/p>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Litecoin-LTC-16.07.42-20-Nov-2022.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
This observation also confirmed why demand had notably tanked in the last couple of days. Litecoin\u2019s 90-day mean coin age registered an uptick in the last three days. This was a sign that investors have been holding on to their coins during the rally.<\/p>\n
Furthermore, its Market Value to Realized Value (MVRV) ratio also achieved a sizable uptick in the last three days. This indicated that the traders that bought at recent November lows stood in profitable zones at the time of writing.<\/p>\n
- A look at what investors should expect moving forward<\/em><\/li>\n<\/ul>\n
![\"Litecoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/11\/Litecoin-LTC-16.21.27-20-Nov-2022.png\")