Litecoin price is distressing investors with every passing day as the altcoin has been treading downwards since the beginning of July. Despite the hal
Litecoin price has been stuck in a downtrend owing to broader market conditions, trading around $60.
With the broader market conditions being unfavorable for investors, transaction volumes fell to a two-year low. This is evinced by the decline in short-term traders’ addresses, suggesting LTC is losing traction among investors.is distressing investors with every passing day as the altcoin has been treading downwards since the beginning of July. Despite the halving event last month, no increase in demand has been observed for various reasons. This is considerably impacting LTC holders, who have decided to step back further, affecting the entire network.Litecoin price fell to $58.
At the time of writing, some recovery was observed, with Litecoin price touching $61.9, close to breaching the barrier at $63.1. Reclaiming this level is crucial for LTC as it would provide a much-needed boost for a bounce back toward the resistance at $69.5. However, looking at the condition of the network and investor behavior, Litecoin price is also susceptible to a further decline.
The transaction volume over the past week has been concerningly low, amounting to a daily average of $1.5 billion. For nearly two years, Litecoin has not seen such low averages, as the last recorded instance dates back to August 2021. As the lack of incentives continues to grow, LTC holders are seemingly pulling back from conducting transactions on the chain.This is verified by the drop in the short-term traders’ numbers.
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