Litecoin hits transaction and hash rate milestones, but investors are still sitting on the sidelines. LTC was stuck in limbo as demand slowed down amid weak sell pressure. Litecoin [LTC] concluded an interesting week during which it managed two major milestones. On 27 January, the network announced that it had facilitated slightly over 142 million […]
The 142 million transaction milestone came just 24 hours after a previous milestone about its hash rate. Litecoin’s hash rate peaked at 742.30 TH/S earlier in the week. This means it received a network strength and security boost. The transaction milestone confirms that the network is still enjoying steady growth.
These milestones currently confirm that the Litecoin network is in a healthy state, especially with the upcoming halving. These signs may also support LTC’s value and perhaps support a higher. Speaking of price, Litecoin delivered an overall bullish performance in January. However, it encountered resistance near the $90 price level.
LTC traded at $88 at press time and has been trading within the same range for the last few days. This confirmed that not much sell pressure was forthcoming. As a result, the price was stuck within a narrow range.The recent milestones might boost investor sentiment, potentially lending favor to LTC bulls. However, this has not been the case so far. Both the RSI and MFI have retraced significantly in the last seven days, suggesting that the bulls are losing their grip.
The observation also suggested that most of the buying power fueling the bulls occurred in the first week of January and in the previous month.
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Litecoin [LTC] momentum weakens – but is a reversal likelyDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. LTC dropped below its rising channel. LTC’s price consolidation could persist into the weekend but change early next week. Litecoin [LTC] hit rock bottom of $61 in December 2022 but rallied to $93 in […]
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