Understanding the LRC trajectory over the past 90 days can help you trade better

According to the cryptocurrency social analytics platform LunarCrushring ring [LRC] It was seen moving against the general cryptocurrency market trend. It recorded the highest daily number of social contributors (5,260) over the past 90 days.

This milestone was reached in the face of a decline in the number of people socially engaged in the general cryptocurrency market, LunarCrush found.

LRC in the last 90 days

Historically, a rise in social activity for a crypto asset has led to a similar growth in its price. But in the case of the LRC, this was different. According to data from CoinMarketCap, the past three months have been marked by a drop in the asset’s price.

90 days ago, it was possible to get a single LRC token at an index price of $0.40. The general rally in the cryptocurrency market in July drove the price of LRC up.

On August 14, the asset’s price reached an all-time high of $0.51. Unable to sustain the rally, the bears started a downward price correction. LRC closed the third quarter at $0.30, down 41% since its peak on August 14.

However, on the downside, the LRC price is down 7% since early October. Also, according to data from CoinMarketCap, LRC has changed hands at $0.2885 at the time of writing.

Source: CoinMarketCap

LRC on chain

Aside from the general downturn in the cryptocurrency market, a look at data from blockchain analytics platform Santiment provided insights into the continued decline in LRC prices over the past few months.

First, there has been a persistent stagnation in the LRC network. A look at the average dollar invested (MDIA) life of the asset and the average life of the coin revealed an increase in the number of idle LRC tokens.

According to Santiment data, LRC’s MDIA has increased 41% over the past 90 days. The average life of the coin has also increased by 25% over the same period.

The long stretch of these key metrics showed that more and more LRC investments were dormant. Should this continue, a significant increase in the LRC price could be affected.

Source: feeling

In terms of taking profit on LRC investments, a look at the asset’s market capitalization to realized value (MVRV) average of 90 days showed that a significant number of LRC holders have had losses over the past three months.

The 90-day MVRV showed a negative value of -18.88%.

Source: feeling

In addition to lower prices, development activity on the LRC network was also affected during the reporting period. It’s down 7% over the past three months, according to data analytics platform Santiment.

Finally, the LRC experienced a sharp decline in its network activity during the period under review. Daily active addresses LRC decreased by 87%. Similarly, new addresses created on the network per day decreased by 58% during the same period.

Source: feeling

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