Litecoin (LTC) price surges over 9%, pre-terra highs in sight

Litecoin (LTC) has seen a surge in value, rising by over 9% in the last 24 hours and over 11% in the last week. The cryptocurrency is now on track to reclaim its previous highs prior to the Terra collapse.

Timeline of Litecoin

Litecoin (LTC), one of the oldest and most primitive cryptocurrencies after Bitcoin price has maintained a notable bearish trend for a long time. Despite being a ‘Lite version of Bitcoin' LTC price failed to grab the attention of the market participants and hence continues to trade within narrow ranges.

According to the Litecoin [LTC] halving tracker, the event would be held on 2 August 2023. But with 133 days to go, only a few things might be left as 90.78% of the blocks required have been produced.

Litecoin price analysis confirms the bearish trend for today, as the selling pressure increases on the coin. The digital asset dropped by roughly 12.35 percent for the last 24 hours, and the LTC/USD pair is displaying a strong bearish momentum as bears push the price down to the $71.21 level.

Litecoin price analysis for today shows that the bearish trend is still in charge, as the cryptocurrency has been trading below the $84.00 level over the past few days. As of writing, Litecoin's price is at $82.84, which marks a 0.72% decline from its 24-hour high of $84.76 earlier today.

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The recent Litecoin price analysis is showing signs of bearish activity, as the bears seem to be taking control of the market, pushing the digital asset down to $84.00 from a high of $86.69 in just 24 hours.

One of the ways to increase investors' interest in crypto is network improvement. Developers of cryptocurrencies usually come up with improvement proposals to make the network efficient, accommodating the needs of the users and fixing issues hindering seamless transactions.

Shiba inu started the week trading marginally higher, despite cryptocurrencies mostly consolidating on Feb. 27. At the time of writing, the global market cap is currently up 0.83%, as volatility has intensified. Litecoin also rebounded on Monday, hitting a four-day high.

Litecoin foundation makes headlines after striking a major partnership with Metalpha Technology Holding Ltd.  The partnership will help Litecoin reduce its carbon emissions and decrease the environmental impact of its mining activities, amongst other things.

The latest Litecoin price analysis is a negative one as the coin is trading near its support level of $90.83. As of now, LTC/USD is currently trading at $91.63 and bears have been able to take control of the market as they are attempting to push prices lower than the current level.