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

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Date: 2022-12-21 02:04:48

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Article Text:

  • Litecoin maintained healthy transaction growth despite the bearish performance.
  • However, its underweight sentiment was evidence of the fact that LTC may not make a strong recovery.

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

The Litecoin network has just processed its 138 millionth transaction. Taking less than 10 days to process a million transactions ⚡ #mondaymotivation pic.twitter.com/XF8WeEJ9pk

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

Read Litecoin [LTC] Price prediction for 2023-24

Litecoin [LTC] was among the best performing cryptocurrencies in November. Its performance garnered more attention because it weathered the dip at a time when most major cryptocurrencies continued to crash. But what goes up has to come down, and that’s been the case for LTC since early December.

A key reason behind its rise was that a large number of investors continued to trade the cryptocurrency despite its downside this month. It could also be considered in the context of adoption and visibility. If LTC was still getting significant visibility, it could underscore the possibility of further volatility.

Read also: Litecoin: Don't Chase This Rally (Cryptocurrency:LTC-USD)

Is a Litecoin Bullish Bounce on the Cards?

The increased volatility made Litecoin ideal for traders seeking profits on shorter time frames. It also meant that LTC could potentially pivot after the slide it achieved so far this month. Its price of $65.08 at press time was 23% down from its current monthly high.

Source: TradingView

Litecoin price action earlier this month identified a potential short trading opportunity. Fast forward to the time of this writing, and that opportunity has already manifested itself, 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 bearish momentum weakened. This was evident in the price action, which was trading somewhat to the upside.

This reflected an increase in volume over the past two days to press time, as well as a sharp increase in speed over the past three days to press time.

Litecoin speed and volume

Source: Feeling

How much Litecoin can you get for $1?

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

Litecoin Weighted Sentiment and 24-Hour Active Directions

Source: Feeling

The underweight sentiment could be a sign that the market may not be ready for a strong recovery. In other words, investors expecting a strong recovery in the near term may be disappointed.

source: ambcrypto.com

Original Source: https://cryptosaurus.tech/litecoin-adds-10-million-transactions-in-10-days-what-does-it-mean-for-lth/