Will Google help Litecoin [LTC] pass its near-term bearish hurdles

Litecoin has been tremendously growing in its popularity. It has been striving and pushing hard for the adoption campaign, mainly after the MWEB upgrade.

Now, consider one of the latest news, for instance- Google Cloud is all set to enable customers to pay for its cloud services through a few cryptocurrencies. And, Litecoin is one among them.

Here’s AMBCrypto’s Price Prediction for Litecoin for 2022-2023

Head in the “Clouds”

In lieu of this development, there was a surge in terms of social media engagements for Litecoin. According to LunarCrush, a social media analytics firm, Litecoin’s social media engagements grew by 34.8% over the past week. Its social mentions also increased by 70.4% in the same duration.

The attention being garnered by Litecoin on social media appeared to be positive. As can be seen from the image below, the weighted sentiment metric grew significantly over the past few days.

An extremely high weighted sentiment is an indicator that the crypto community was looking positively upon LTC, at the time of writing.

Along with the growing positive sentiment, there was an uptick in the number of daily active addresses as well. At the time of press, the number of daily active addresses stood at 434 thousand. 

But before going long on LTC, there are some factors that investors should consider.

Litecoin’s MVRV ratio was observed to be negative throughout the past 30 days which could be seen as a bearish indicator.

Furthermore, the velocity of LTC declined sharply. Thus, indicating that the frequency with which LTC was being traded from one wallet to another, reduced over the past few days.

Source: Santiment

Since Litecoin is a proof-of-work cryptocurrency, it is important for investors to have a rough idea of Litecoin’s mining situation.

Well, its hash rate was observed to be improving over the past three months. Thereby, indicating that the Litecoin network was growing in terms of security and strength.

The total fees generated by miners were also showing growth. According to Messari, the total fees paid to miners appreciated by 27% over the last week.

Source: Messari

That said, at the time of writing, LTC was trading at $52.12 with an increase of 5.22% in the last 24 hours. Its volume appreciated by 36.47% as well. 

Traders should look at Litecoin’s other updates so that they can make a fair assessment before going long.