Over the last few days, there’s been a decrease in activity on the Litecoin (LTC) network, hitting its lowest point of 2023 on Monday. This reduction in network traffic has occurred alongside a fall in the value of the LTC token, which has dropped by approximately 10% over the past week, dipping below the significant $100 level.
With these signs pointing to a loss of confidence in the altcoin, LTC is at risk of further losses.
Litecoin Sees Weakening User Demand
Recent data from on-chain sources indicates a decrease in user activity for Litecoin over the past four days. As per BitInfoCharts, the number of distinct addresses that carried out at least one transaction on the primary network reached 193,477 on Monday, marking its lowest daily total since November 2023.
A decrease in daily active users suggests less interaction and involvement on the network, which might imply a decreasing fascination with both the network and its native cryptocurrency. Such a trend could negatively affect the token’s worth in the near future.
Over the last week, Litecoin’s value has dropped by 13%. Currently, it is trading at $98.63, dipping below the significant $100 level on the market.
Beyond the ongoing decrease in my study’s network activity, it’s worth noting that the weighted sentiment associated with LTC remains persistently negative. This unfavorable sentiment seems to be exerting additional downward force on its price. Currently, this sentiment stands at -0.45.
The weighted sentiment of an asset gauges its general positive or negative lean, taking into account both the frequency and the tone of social media conversations surrounding it. A negative sentiment serves as a bearish indicator, implying that investors are growing more pessimistic about the token’s imminent prospects. This often leads to reduced trading activity, which in turn can amplify the downward trend in its price.
LTC Price Prediction: Descending Triangle Confirms the Drop
On the daily LTC/USD chart, the cryptocurrency is found trading beneath a falling trendline. This pattern arises when the currency’s price repeatedly establishes lower peaks, suggesting a declining trend. In such a situation, the general market sentiment tends to be negative, as selling activity dominates over buying.
Should the demand for LTC in long-term contracts continue to decrease, its value may prolong its downward trend and approach the support level at $86.64.
Should purchasing activity picks up again, the current bearish perspective would no longer hold true. Instead, the LTC token price might surge beyond its downward trend line to hit approximately $109.81.
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2025-01-14 17:59