- The price of LTC is down more than 2% in the past seven days.
- Statistics and market indicators remained bearish on the coin.
Litecoins [LTC] the upcoming halving is just 15 days away, which will have a wider impact on the blockchain. Weeks earlier, the blockchain reached a new milestone in terms of the number of transactions processed. However, LTC investors were not having a good time as the coin failed to benefit from the latest bullish market.
Read Litecoins [LTC] Price prediction 2023-24
On the one hand, multiple cryptos registered double-digit growth, while LTC, on the other hand, saw a drop in value. Will the hype surrounding the LTC halving show its effect on the coin’s price chart in the coming weeks?
A check on Litecoin for the 4th halving
To be precise, the LTC halving will take place within 15 days and 22 hours from the time of writing. From Nicehashthe estimated date for Litecoin’s halving is expected to take place on August 1, 2023. As we approach the halving date, Litecoin revealed in a tweet that the blockchain has just processed its 170th million transactions, reflecting increased usage of the network .
The #Litecoin network just processed its 170 millionth transaction! Which means that Litecoin is accelerating, with another 10 million in the last 7 weeks. Over a million transactions per week. #SaturdayVibes
$LTC
— Litecoin (@litecoin) July 15, 2023
According to the tweet, the update meant that Litecoin was accelerating, gaining another 10 million in the past 7 weeks. However, all these updates did not help the coin to increase its price. While most cryptos have been booming over the past week, LTC failed to capitalize on the latest bull market.
From CoinMarketCap, LTC fell more than 2% in the past seven days. At the time of writing, it was trading at $94.91 with a market cap of over $6.9 billion.
After a rebound, LTC’s MVRV ratio plunged sharply, which may have played a role in not allowing the coin’s price to move higher. Litecoin’s outstanding interest started to rise as the price took a sideways path since July 15. This suggested that the current sluggish price action could continue. However, the speed remained high, suggesting that LTC was used more often in transactions within a given time frame.
Source: Sentiment
How many Worth 1,10,100 LTCs today
You can expect this from Litecoin
LTC‘s MACD revealed that the bears led the market. The Relative Strength Index (RSI) moved sideways near the neutral mark. This meant that the possibility of slow moving price action was likely.
However, Litecoin’s Money Flow Index (MFI) was about to enter the oversold zone. This could increase buying pressure on the coin and in turn boost the price in the coming days.
Source: TradingView