- On-chain Data Reveals that the Network Activity on the Litecoin Blockchain has Been Rising Steadily
- Despite the Surge in Network Activity, the Price of the LTC Token Remains Sluggish
Litecoin Price Prediction – Litecoin’s fall below the $60 level made things incredibly difficult for the token. Retesting this level has become incredibly challenging for the token. Despite the current bearish price action, on-chain data reveals that there has been a steady surge in network activity. This week, there was a three-month high in the price of the Litecoin LTC token according to Santiment. Santiment reported that Litecoin network activity is currently more than 131% of the expected average. Strangely, the token’s price is falling amid high network activity as this usually supports a price surge rather than hinder it.
Litecoin News Today – LTC Continues to Decline
At the time of writing, the price of the Litecoin LTC token was $48.87. This means that it was up by 2.74% against the USD and up by 1.43% against Bitcoin BTC. The trading volume over a 24 hour period was $2,147,170,141 and the market capitalization was $3,197,671,954. The obvious divergence between the price of the Litecoin LTC token and the daily active addresses. This means that the token might be primed for a key bullish reversal in the future. However, it is still not clear when and how high the token will rise.
David Schwartz, recently said that the fundamentals for Litecoin LTC are strong despite the current price of the token. According to him;
“Has the price drop affected #LTC’s fundamentals? Nope.
83k active wallets
$50.58 median trx value
$7.8 mln sent per hour
All in the past 24 hrs
It’s a currency, folks. People use it to pay for things.”
It’s not a surprise that Litecoin has strong fundamentals despite its current price. Note that David Burkett recently reported that the privacy protocol for Litecoin, MimbleWimble, is still on track for a testnet later this month. In his words;
“Everything is on track for a testnet release at the end of this month. I’m still figuring out a few final details, but I’ll share more information later this month about what the testnet will look like and how everyone can get involved.”
While the Litecoin LTC token is still far from its bullish level, it is important to remember that the token was struggling to stay above the $0.48 level yesterday as it succumbed to the bears falling to the $47.55 level earlier on Friday. It stayed on top of the SMA 200 curve for a while before it made progress and the relative strength index mines do the oversold territory. This means that a recovery is on the way but it will only come after a major price correction for Litecoin LTC. The primary resistance for the token at this time is $45. If Litecoin LTC holds above this level, there will be hope for a significant bull rally. Otherwise, the decline will continue until it finds a bottom.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.