- Litecoin surpassed 25 million transactions in 2023
- However, LTC’s price trajectory seemed in a shaky place at the time of writing.
Litecoin [LTC] price trajectory over the last 30 days was somewhat positive. However, its movement over the last seven days went against all the gains the altcoin made. But, there was some good news for LTC traders and investors.
As of 14 June, the Litecoin Network processed over 25 million transactions in 2023. This was tweeted by the official Litecoin Twitter handle.
The Litecoin Network has processed over 25 million transactions so far in 2023!$LTC âš¡ pic.twitter.com/sVCkE5zE6o
— Litecoin (@litecoin) June 14, 2023
Furthermore, data from CoinMarketCap also indicated that LTC showed some improvement over the last hour. LTC exchanged hands 0.33% higher over the last one hour of the time of writing. However, its press time price of $77.35 traded 12.70% lower over the last seven days.
How much are 1,10,100 LTCs worth today?
Where are thou LTC bulls?
At the time of writing, LTC bulls were nowhere in sight. The altcoin was trading -0.31% lower than its opening price for the day. Furthermore, the Relative Strength Index (RSI) moved in a sideways direction forming a flat line, and stood at 33.42. It was a clear indication of the lack of buying pressure.
However, LTC’s Money Flow Index (MFI) showed some movement in trend as it was seen moving upwards. LTC’s MFI stood at 38.51 at the time of writing. To add to the bearish sentiment, LTC’s Awesome Oscillator (AO) still flashed red below the zero line. This could be taken as a strong indication that the bearish sentiment was here to stay.
Source: TradingView
A losing battle here…
To add to the aforementioned bearish sentiment, LTC’s Futures Open Interest witnessed a significant decline since 9 June. A declining open interest can be taken as a bearish signal as it indicates the absence of new money in the market.
Source: coinglass
Additionally, LTC’s long/short ratio also favored short positions over long positions. At press time, LTC’s long/short ratio stood at 0.9124 with 52.29% short holders and 47.71% long holders. The dominance of shorter positions over longer positions wasn’t a great sign for the altcoin either.
Source: coinglass
Data from the intelligence platform Santiment also showed that at the time of writing, LTC’s metrics weren’t at their best. Although the total amount of holders stood at a high of 8.67 million, LTC’s weighted sentiment moved in the opposite direction.
Realistic or not, here’s LTC’s market cap in BTC’s terms
As of 14 June, LTC’s weighted sentiment stood at -1.996. This was a strong indication that the market and its traders didn’t have a positive outlook toward the altcoin.
Source: Santiment
However, an update posted by Litecoin on Twitter could play in favor of the altcoin. As per the tweet posted on 13 June, a video surfaced where SEC Chair Gary Gensler stated that LTC was not a security. Considering the ongoing mayhem with the position of cryptocurrencies, LTC could only be a spectator.
A video has surfaced showing future SEC Chairman Gensler telling an audience of institutional investors that four cryptocurrencies, including Litecoin, are not securities. https://t.co/gUBKrbBlrA
— Litecoin (@litecoin) June 14, 2023
However, investors still need to stay cautious as LTC’s price action was still hounded by the bears.
