Introduction:

Amidst the crypto realm, Litecoin (LTC) faces challenging times as its transaction volume hits a two-year low, mirroring its price, which has descended to November 2022 levels, hovering around $60. The Crypto declining short-term trader activity suggests waning investor interest amid a market-wide downturn. LTC’s persistent price slump since July has left investors disheartened, impacting the network’s dynamics. In contrast, Bitcoin wallet activity surged to a 5-month high, while Ripple’s XRP shows signs of recovery. Ethereum (ETH) exhibits lower highs and lows, indicating potential downside risks in the broader crypto market.

LITECOIN:

LTC transaction volume reaches a two-year low as the price of Litecoin falls to November 2022 levels.

Due to general market conditions, the price of Litecoin has been trapped in a downward trend and is currently trading around $60.Transaction volumes decreased to a two-year low because of the negative general market conditions for investors. The decrease in short-term traders’ addresses indicates this, indicating LTC is losing Favour with investors.

Investors are becoming more and more upset as the price of Litecoin has continued to decline since the beginning of July. Despite the demand being cut in half last month, none has been seen for a variety of reasons. Because of this, LTC holders have chosen to take a bigger step back, which has a significant influence on the entire network.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 61.59 | Positive Crossover | Bullish
• MA 20: 61.47| Positive Crossover | Bullish
• MA 50: 63.23 | Negative Crossover | Bearish

Simple:

• MA 5: 61.41 | Positive Crossover | Bullish
• MA 20: 61.36 | Positive Crossover | Bullish
• MA 50: 63.16 | Negative Crossover | Bearish

RSI (Relative Strength Index): 52.46| Buy Zone |Positive

Stochastic Oscillator: 100.0 | Buy Zone | Positive

Resistance And Support Levels: 

• R1: 63.25 | R2: 73.60
• S1: 57.77 | S2: 51.07

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 66.53 | Take Profit: 73.64 | Stop Loss: 61.80.

Elsewhere In the Crypto Market

Despite the price decline, Bitcoin wallet activity reached a 5-month high. The XRP price is beginning to recover as the Ripple CTO expects increased demand.

Ethereum (ETH) has been making lower highs and lows recently, signaling potential for more downside.

Bitcoin is up (0.27%) at 26,276.50, Ethereum up (0.64%) at 1,618.48, Litecoin up (0.42%) at 62.23, Solana is up (2.14%) at 18.59, Dogecoin down at (0.04%) at 0.61 as of writing time.

Key Economic Events & Data Release Today:

(EUR) ECB Monetary Policy Statement at 17:45.

(USD) PPI (MoM) (Aug) Forecast 0.4%, Previous 0.3% at 18:00.