Litecoin [LTC] Hits Two Milestones, But Price Resistance Remains

• Litecoin [LTC] achieved two major milestones this week, reaching 142 million transactions and 742.30 TH/S in hash rate.
• The transaction milestone confirms that the network is still enjoying steady growth, which could lead to higher prices.
• Despite the positive news, Litecoin encountered resistance near the $90 price level, with both the RSI and MFI retracing significantly.

The crypto-asset Litecoin [LTC] had an eventful week, achieving two major milestones and pushing the boundaries of its network strength and security. On 27 January, the network announced that it had facilitated slightly over 142 million transactions, a significant achievement for the altcoin. This milestone came just 24 hours after another major milestone for the network, which was its hash rate peak of 742.30 TH/S. This means that Litecoin has achieved a significant increase in network strength and security, making it a hugely attractive asset.

The 142 million transaction milestone confirms that the Litecoin network is still growing steadily, which could be an indication of increased demand. This is further supported by the upcoming halving, which could lead to a better price performance for the altcoin. While all of this is positive news for the altcoin, the price of Litecoin has not yet responded positively. Litecoin traded at $88 at press time and has been trading within the same range for the last few days, which confirms that not much sell pressure is forthcoming.

This lack of sell pressure is reflected in both the RSI and MFI, which have retraced significantly in the last seven days. This suggests that the bulls have lost their grip, and the market is waiting for a break of the current resistance level. Despite this, the recent milestones might boost investor sentiment and lend favor to the LTC bulls, although this has not been the case yet.

It remains to be seen whether Litecoin can overcome the current resistance level and break out of its current trading range. If it does, it could lead to a renewed surge in investor interest and potentially higher prices. Until then, investors should remain patient and watch the market closely to see how Litecoin’s price develops in the coming days.