It has now been over a decade since Litecoin (LTC) was founded and it has come a long way since then. The latest network update reveals the extent of Litecoin’s achievements while highlighting the healthy growth it has achieved so far.
This is the AMBCrypto price prediction for Litecoin (LTC)
Litecoin celebrates its eleventh foundingThe tenth years of existence and also revealed that it has managed to secure more than 133 million transactions. The update also indicated that the network was able to achieve this feat without any downtime.
As of today, the Litecoin network has processed more than 33,000,000 transactions in 2022.
11 years of continuous, unsupervised, flawless uptime and a great end to the year!# Litecoin ⚡ pic.twitter.com/aQ1LTdtT6M
– Litecoin Foundation ⚡️ (LTCFoundation) November 8, 2022
This milestone is a testament to the efficiency and validity of the Litecoin network. However, this has not prevented LTC from facing market headwinds. The cryptocurrency is currently down 83% from its all-time high.
Source: Glassnode
The 2022 bear market is not the first time that LTC has been pulled down sharply. The first was between 2014 and 2015 while the second big drop occurred between 2018 and 2019. As for the recent price action for LTC, it has managed to pull off a 50% rally from its October low in an attempt to break out of the lower range.
LTC’s recent uptrend was capped at $73.36 after it rose to the overbought territory on Monday (November 7). The return of selling pressure, especially over the past two days, has led to a rebound to the press time level of $64.76.
Source: TradingView
In fact, LTC has shown some buying pressure in the past 24 hours despite the pullback. This could be a sign that the latest update has affected investor sentiment, which could dampen Litecoin from further selling pressure. But is this enough to support a recovery back above $70?
Where is Litecoin headed next?
Litecoin has maintained its transaction volume over the past four weeks near the five million range. However, we have noticed a sudden increase in the volume of transactions this week, as the volume of transactions increased to 14.51 million LTC in the last 24 hours.
Source: feeling
This increase in transaction volume is likely a reflection of the increase in selling pressure. A look at Litecoin’s trading metrics reveals a similar result.
We have seen an increase in the trading metric over the past seven days, which has led to a new weekly high. But the same metric indicated a pivot since Sunday (November 6).
Source: feeling
Litecoin’s supply distribution gives a better picture of what top addresses or whales are doing. The largest LTC addresses with more than 1 million coins recorded a significant increase in their balances on the 5th of November. However, incoming buying pressure eased the next day (Sunday).
Source: feeling
Titles 1,000 to 100,000 at the same time increased their balances. Meanwhile, titles with profits ranging from 100,000 to 1 million LTC have been reaped.
Most of the Best Choice categories have been settled, which means they don’t sell or buy. This may result in a limited downside for Litecoin. However, the market is still very unpredictable, which means that there is still more room for the downside.