Biggest Movers: LTC Above $80.00, Moving Away From 6-Week Low

Litecoin was back above $80.00 on Wednesday, as the token climbed away from a recent six-week low. Today's rise in price sees the cryptocurrency surge for a third straight day, despite recent market volatility. Cardano was also marginally higher. Litecoin (LTC) Litecoin (LTC) jumped back above $80.

Timeline of Litecoin

Today's Litecoin price analysis indicates a downward trend as a bearish shift has been recorded, leading to a decrease in its value. The cryptocurrency's price has been impacted by this bearish strike.

Litecoin (LTC) has recently set a new all-time high (ATH) in daily transactions, with over 579,000 transactions occurring yesterday, suggests IntoTheBlock's data. This milestone is particularly intriguing as Litecoin's daily transactions are now nearing those of Bitcoin, which had 598,000 transactions on the same day.

Blockchain analytics platform Santiment is bullish on five crypto assets amid a larger fall in the prices of altcoins relative to Bitcoin (BTC). Santiment says that Litecoin (LTC) and four other altcoins are underbought with most traders nursing losses.

Litecoin has continued to decline and has now slipped under the $80 level, but if a metric is anything to go by, the coin may be near the bottom. Litecoin Is Now In The MVRV Opportunity Zone According to data from the on-chain analytics firm Santiment, some altcoins, including Litecoin, are showing underbought signals after the recent price decline.

Santiment, an onchain analytics company, recently tweeted that altcoins, or alternative cryptocurrencies to Bitcoin, are showing underbought signals after their market caps fell in comparison to Bitcoin at the beginning of the week.

Litecoin is shedding its gains in the market today as the bears take control of its price. At press time, its trading volume is down by over 15%, with a price decrease of 2.80% in the last 24 hours.

The Litecoin price analysis shows a bearish trend in the market, with a drop of 5.29 percent in the last few hours. The LTC/USD pair declined to $84.02, with more selling pressure on the coin.

Litecoin is following the development of Bitcoin at the same pace, so much so that after the boom of Bitcoin NFT ordinals based on the BRC-20 standard, here comes the LTC-20 standard for Litecoin NFT ordinals. The development of this protocol, which is still in the experimental stage, is not led by the official Litecoin account, but by the Litecoin Punks, the collection of the first 100 Litecoin Ordinals with entries from #642 to #834.

Litecoin (LTC), a prominent cryptocurrency often referred to as "the silver to Bitcoin's gold," has recently experienced a significant surge in whale transactions. With an increase of 111%, this spike in large transactions could be tied to the upcoming release of LTC-20, a major update to the Litecoin ecosystem.

Litecoin price analysis suggests upward movement to $90 before continuing the downtrend The closest support level lies at $88.00 LTC faces resistance at the $90.00 mark The Litecoin price analysis shows that the LTC price action found support at the $86.