• Litecoin [LTC] completed two major milestones this week, having facilitated over 142 million transactions and reaching a peak hash rate of 742.30 TH/S.
• The milestones confirm that the Litecoin network is in a healthy state with increased security, but the resistance level near the $90 price mark is preventing investors from buying in.
• The RSI and MFI have retraced significantly in the last seven days, showing that the bulls are losing their grip.
Litecoin [LTC] had a rather interesting week, having completed two major milestones that showcase the health and security of the network. On 27 January, the network announced that it had facilitated slightly over 142 million transactions. This milestone came just 24 hours after a previous milestone about its hash rate, which peaked at 742.30 TH/S earlier in the week.
These milestones show that the Litecoin network is in a healthy state, especially with the upcoming halving. This could potentially support LTC’s value and perhaps lead to a higher price level. However, despite the recent milestones, Litecoin has been faced with a major resistance level near the $90 price mark. This has caused investors to remain on the sidelines as the price is stuck in a narrow range.
LTC traded at $88 at press time and has been trading within the same range for the last few days, indicating that there is no sell pressure. This has caused the RSI and MFI to retrace significantly in the last seven days, suggesting that the bulls are losing their grip.
Overall, the recent milestones have yet to have a positive impact on the price of Litecoin. Investors are still waiting for the price to break the resistance level before entering the market. Until then, it remains to be seen whether or not Litecoin will be able to overcome the current resistance and regain its bullish momentum.