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Cryptocurrencies: 10428 / Markets: 64490
Market Cap: $ 1 048 029 139 020 / 24h Vol: $ 48 413 828 045 / BTC Dominance: 47.656817615067%

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Litecoin adds 10 million transactions in 10 days, what does it mean for LTH?

On 19 December, the Litecoin Foundation announced that it processed over one million transactions within the last 10 days. This meant that the blockchain had processed a total of 138 million transactions, which was an important milestone.

The Litecoin network just processed it's 138 millionth transaction. Taking less than 10 days to process a million transactions ⚡ #mondaymotivation

— Litecoin Foundation ⚡️ (@LTCFoundation) December 19, 2022

Read Litecoin’s [LTC] Price Prediction for 2023-24

Litecoin [LTC] was among the best-performing cryptocurrencies in November. Its performance attracted more attention because it resisted the downside at a time when most top cryptocurrencies continued to crash. But what goes up must come down, and that has been true for LTC since the start of December.

A key reason behind its rise was that a large number of investors continued to trade the cryptocurrency despite its downside this month. One could also look at it in the context of adoption and visibility. If LTC was still receiving significant visibility, it could underscore the possibility of higher volatility.

Higher volatility made Litecoin ideal for traders looking for profits in shorter time frames. It also meant that LTC could potentially pivot after the downside it achieved so far this month. Its $65.08 press time price represented a 23% downside from its current monthly top.

Litecoin price action

Source: TradingView

Litecoin’s price action earlier this month identified a potential short-trade opportunity. Fast forward to the time of writing, and that opportunity has already manifested, courtesy of LTC’s bearish price action. Now the big question is, what comes next?

LTC’s RSI indicator was already showing signs of a potential pivot as the bearish momentum weakened. This was evident in the price action, which was registering some upside.

This reflected an increase in volume over the last two days until press time, as well as a sharp uptick in velocity over the last three days until the same period.

Litecoin velocity and volume

Source: Santiment

How much Litecoin can you get for $1?

These observations were also accompanied by an increase in active addresses over the last 24 hours. This suggested that there might be incoming demand as the bears faced exhaustion. Despite these observations that may favor the bulls, LTC’s weighted sentiment remained low.

Litecoin weighted sentiment and 24-hour active addresses

Source: Santiment

The low-weighted sentiment might be a sign that the market might not be ready for a strong recovery. In other words, investors expecting a sharp recovery rally in the short term might be disappointed.




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