There is little time left for the third halving in Litecoin, which has been positively diverging from Bitcoin (BTC) in recent days and has increased by 15.78% in the last week.
While investors were waiting for LTC to make a big breakthrough before the halving, a stunning LTC data came from Glassnode.
According to the news of Coindesk, the MVRV-Z Score used by Glassnode revealed that Litecoin is currently trading at a low price.
According to the data used by Glassnode, the MVRV-Z Score in Litecoin is negative, while this value is below zero, indicating that LTC is trading at a lower price than its fair value.
Looking at the historical values of the MVRV-Z Score, it is understood that MVRV-Z Score values above eight indicate bull market peaks, and negative values indicate market bottoms.
Sharing the table showing the MVRV-Z Score value of LTC, Glassnode stated that the Z-Score value has been consistently negative since July 2022.
Noting that the value is not in the negative territory for the first time, Glassonede said, "This is not new in LTC history. The indicator has consolidated below zero several times in the past and finally broke out of the negative zone, paving the way for meteoric bull runs." said.
Although these historical data reveal that LTC is ready for a big bull run, cryptocurrencies, including LTC, continue to be negatively impacted by negative macroeconomic developments.
While the Fed chairman Powell is expected to speak today in Bitcoin and cryptocurrencies, LTC continues to be traded at $ 91.22 at the time of writing.
*Not investment advice
