Litecoin Sets Eye On $107, But It Needs To Cross This Major Hurdle

Litecoin price has been trading within an ascending trendline over the past couple of weeks; currently, the coin has broken out of the trendline but has maintained bullish momentum. Over the last 24 hours, LTC has depicted little price movement.

Timeline of Litecoin

Litecoin price analysis has been on a bearish trend recently, and the prices have dropped to $96.88. The digital asset started the day trading at around $99.87 and fell for most of the day before settling at its current price level.

Litecoin's [LTC] value increased by over 40% in January 2023, rising from $68 to $102. However, a short-term price consolidation in the past few days has seen the asset lose some value.

The price of Litecoin ($LTC) has surged nearly 90% since early November, with the movement seemingly being supported by so-called Litecoin ‘sharks,' or large addresses that have been heavily accumulating the cryptocurrency.

Litecoin (LTC) is rallying with big support from shark addresses that have accumulated more than $108 million worth of the token within months, according to Santiment. Crypto analytics firm Santiment says shark addresses have “aggressively” accumulated the token since July 2022, helping to push it toward $100.

Litecoin [LTC] and Mastercard have announced a collaboration to launch the Litecoin Mastercard in the United Kingdom and Europe. While making the announcement on 30 January, a post demonstrated that it will construct a payment bridge between cryptocurrency and traditional finance (TradFi).

Litecoin [LTC] concluded an interesting week during which it managed two major milestones. On 27 January, the network announced that it had facilitated slightly over 142 million transactions.

The blockchain network Litecoin's computational power reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). In addition, Litecoin's difficulty also reached an all-time high this week, hitting 23,505,031 the following day.

2022 was a crazy year for bitcoin and cryptocurrency. With all the talk regarding the fall of bitcoin's price and value, it became easy to forget about some of the more obscure coins.

The latest Litecoin price analysis shows a strong downtrend for the cryptocurrency today, as the coin value underwent a noticeable reduction. The ongoing decreasing trend has lowered the cryptocurrency value to an $87.67 low.

Litecoin (LTC )has been one of the best-performing big-cap tokens over the last several months, and its hashrate just hit a new all-time high, signaling some potential bullish activity on the network.  After falling to a low of $40.