Litecoin NVT has drastically fallen since the start of 2020, and the same pictured a recent decline as well
The Litecoin Foundation announced its latest partnership with the Google Chrome extension and web platform, BitcoinRewards. The cooperation will allow users to access a reward of up to $ 360 million in Bitcoin and Litecoin through join.BitcoinRewards.com.
Rewards with Litecoin just for buying online
According to the release, BitcoinRewards has been working closely with Litecoin’s creator, Charlie Lee, and the Litecoin Foundation for several months to drive the adoption of Bitcoin and Litecoin. Users in the United States will be able to earn up to $2,000 per year just by using the referred platform.
The emergency caused by COVID-19 has impacted the cryptocurrency market and the world economy. Therefore, this is a good time for home shopping users to optimize their income.
The Litecoin Foundation said:
“There is no better time to shop online than now and earn free LTC and BTC, given the current social and economic challenges facing society.”
Litecoin Foundation Director Charlie Lee was enthusiastic about the cooperation.
“We’re excited to see the team from BitcoinRewards enable Litecoin and share the Litecoin Foundation’s vision of global awareness, education, and adoption. BitcoinRewards lowers the barriers to entry for both BTC and LTC by providing a solution where people can learn and earn at the same time.”
Litecoin’s ascent above $ 46 might be held back by declining NVT ratio
An observation of the Litecoin chart over the past 48 hours shows that the cryptocurrency dropped below $ 43. In fact, the silver partner with Bitcoin registered a 10.54% drop on April 10, with the company holding its price just above the support at $ 40.
LTC/USD chart | Source: TradingView
Since the collective market crashed into 13 matches, Litecoin, with the rest of the cryptocurrency industry, has been able to undergo a steady recovery, a recovery which saw the Altcoin record a period of strong consolidation above the $ 40.
However, over the past two days, Litecoin has seen some degree of correction. Registered tokens decreased by 10.54%, the discounted rate priced from $ 46.32 to $ 40.68. From a market perspective, such a correction is considered healthy as prices do not break out of the ascending channel. In fact, the formation of the pattern after March 14 indicates that another pullback may be on the card, but the crypto asset will not drop below the $ 40.
According to the VPVR, trading volume around $ 39- $ 40 has been strong, showing the strength of support. The Point-of-Control was also in the same place, which showed that buyers necessarily reinforced the local bottom at this range.
One possible scenario after a bearish pullback should see Litecoin surge above the weak resistance at $ 43, while also re-testing the levels at $ 46.82 and $ 48.72 over the next couple of weeks.
In fact, the RSI also suggests that buying pressure has remained relatively strong on charts for the past few weeks.
According to CoinMetrics, Litecoin’s NVT has plummeted since the beginning of 2020, and the same shows a recent decline.
A higher NVT often suggests that the token price of the network exceeds the value transmitted on the network. Whenever NVT achieves a higher rating, it often indicates that investors are valuing assets from a long-term growth perspective.
Litecoin’s decreasing NVT rate is not positive from a market perspective and it could play an important role in the future.
Although it is possible to reach the bottom needed in the rankings, Litecoin’s NVT rate has a large red flag. With Bitcoin’s correlation with major altcoins still higher than normal, Litecoin’s dependence on Bitcoin may remain high until the global economic crisis eases.
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