- LTC’s price declined by more than 2% in the last seven days.
- Metrics and market indicators remained bearish on the coin.
Litecoin’s [LTC] upcoming halving is just 15 days away, which will have a broader impact on the blockchain. Weeks before this, the blockchain reached a new milestone in terms of the number of processed transactions. However, LTC investors were not having a good time as the coin failed to capitalize on the last bullish market.
Read Litecoin’s [LTC] Price Prediction 2023-24
On one hand, multiple cryptos’ registered double-digit growth, while LTC, on the other hand, witnessed a drop in its value. Will the hype around LTC’s halving show its effect on the coin’s price chart in the coming weeks?
A check on Litecoin before its 4th halving
To be precise, LTC’s halving will happen in 15 days and 22 hours from the time of writing. As per Nicehash, the estimated date for Litecoin’s halving is expected to happen on 1 August 2023. As we approach the halving date, Litecoin revealed in a tweet that the blockchain just processed its 170th million transactions, reflecting increased usage of the network.
The #Litecoin network just processed its 170 millionth transaction! Which means Litecoin is accelerating, adding another 10 million in the last 7 weeks. Well over a million transactions a week. #SaturdayVibes
⚡ $LTC ⚡ pic.twitter.com/BZaFJNMV8o
— Litecoin (@litecoin) July 15, 2023
According to the tweet, the update meant that Litecoin was accelerating, adding another 10 million in the last 7 weeks. However, all these updates did not help the coin uplift its price. While most cryptos flourished over the last week, LTC failed to capitalize on the last bull market.
As per CoinMarketCap, LTC was down by over 2% in the last seven days. At the time of writing, it was trading at $94.91 with a market capitalization of more than $6.9 billion.
After an uptick, LTC’s MVRV Ratio plummeted sharply, which might have played a role in not allowing the coin’s price to go up. Litecoin’s open interest started to rise when its price took a sideways path since 15 July. This suggested that the current sluggish price action might continue. However, its velocity remained high, suggesting that LTC was used more often in transactions within a set timeframe.
Source: Santiment
How much are 1,10,100 LTCs worth today
This can be expected from Litecoin
LTC’s MACD revealed that the bears were leading the market. Its Relative Strength Index (RSI) went 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 can increase buying pressure on the coin and, in turn, increase its price over the coming days.
Source: TradingView
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