Litecoin's price has seen minimal movement over the past 24 hours, ticking up 0.3% to $91.81. This steadying follows a 5.8% drop over the past week as LTC pulled back from highs above $103. Let's analyze the critical metrics around this consolidation.

Comparing Litecoin to Bitcoin and Ethereum

Litecoin's flat trading contrasts with gains made by Bitcoin and Ethereum during the same 24-hour period. Bitcoin rose 0.8% to over $24,400, while Ethereum climbed 0.3% back above $1,900.

Litecoin's underperformance can be attributed to exhaustion after its powerful rally from below $70 in late June. As a mature crypto asset, Litecoin also tends to be less volatile than newer altcoins like Solana and Cardano.

Technical Analysis and Prediction

Looking at Litecoin's price chart, it has found stable support around $90 over the past week after surging to its highest level since May. The 50-day moving average is sloping upwards and providing dynamic support around $85.

The daily RSI has flattened out around 55, consistent with consolidation after an overbought peak above 70 in late June. The MACD histogram bars remain positive but are declining and could turn negative soon.

If Litecoin can hold support at $90, it will be well-positioned for a move back towards resistance around $105. However, a drop below $90 would put the key $85 support level at risk. Litecoin seems to be resting before its next potential leg up.

Can Litecoin Succeed Long-Term Despite its Correlation to Bitcoin?

One ongoing challenge for Litecoin is its high 90-day correlation to Bitcoin, currently around 0.89. This means Litecoin tends to follow Bitcoin's price direction rather than acting independently.

Some analysts argue this could limit Litecoin's long-term upside. However, Litecoin supporters point to its faster and cheaper transactions as an advantage, along with upcoming improvements like MimbleWimble privacy.

If Litecoin can differentiate itself through technical innovation and merchant adoption, it may be able to diverge from Bitcoin's gravity. But its longevity will depend on carving out a distinct use case and audience beyond just being a faster "silver" to Bitcoin's "gold."

What are Litecoin Investors Signaling Through On-Chain Metrics?

On-chain data reveals that Litecoin investors remain confident despite the recent pullback. According to Glassnode, Litecoin's reserve risk is at its lowest level since July 2019, indicating holders are not looking to sell even after the 57.9% year-to-date rally.

Additionally, Litecoin's relative unrealized profit/loss metric remains low at around 5%. This on-chain signal suggests the recent rally has been driven by accumulation rather than speculation.

In summary, Litecoin's steady price action combined with bullish on-chain signals indicates its uptrend still has room to run. The key level to watch is the $90 support. As long as it holds, LTC appears positioned to retest its 2022 highs.