Litecoin Is Unable To Breach Crucial Resistance Level Despite Reaching New Milestones

Key Points:

• Litecoin [LTC] ended a fascinating week in which it achieved two significant milestones. The network reported facilitating just over 142 million transactions on January 27.
• Given these achievements and the impending halving, the Litecoin network is currently in good shape. These indications might also support the value of LTC and possibly a higher price level.
• LTC was trading at $88 and had been doing so for a few days. This proved that there wouldn’t be much selling pressure. The pricing consequently remained constrained to a small range.

Litecoin [LTC] ended a fascinating week in which it achieved two significant milestones. The network reported facilitating just over 142 million transactions on January 27.

Only 24 hours had passed since the 142 million transaction milestone and the hash rate milestone. Earlier in the week, Litecoin’s hash rate reached a high of 742.30 TH/S. This indicates that its network security and strength have increased. The achievement of the transaction milestone demonstrates that the network is still expanding steadily.

Given these achievements and the impending halving, the Litecoin network is currently in good shape. These indications might also support the value of LTC and possibly a higher price level. In terms of price, Litecoin had a positive month overall in January. It ran into resistance, though, somewhere around the $90 pricing point.

At the time of publication, LTC was trading at $88 and had been doing so for a few days. This proved that there wouldn’t be much selling pressure. The pricing consequently remained constrained to a small range.

Not just LTC’s velocity has declined over the past two weeks. Additionally, it has seen a significant decline in its realized cap metric this month. This indicated that a significant amount of incoming liquidity, particularly during the past few days, was still not profitable.

The observation implied that the first week of January and the preceding month saw the bulk of the purchasing power supporting the bulls.

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