Litecoin ‘outperforms’ Dogecoin on THIS front after 13% price hike

Litecoin Transactions Surge, Altcoin Value Climbs

Litecoin (LTC) has experienced significant growth in its network activity, reflecting its popularity and usage. This surge is processing $2.85 billion in transactions over $100k daily, exceeding half of its market capitalization.

Network Activity

Int0TheBlock reported this impressive transaction volume, which surpasses the activity of many Layer 1 cryptocurrencies. Dogecoin, for instance, handles $590 million in large transactions despite having a higher market cap than Litecoin.

Glassnode's data further confirms this increased network activity, with active addresses peaking at 478k on July 9th. Consequently, the blockchain's daily transactions also rose during this period.

Price Action

Along with increased network activity, LTC's price has also surged by over 13% in the past week and 2% in the last 24 hours. As of this writing, it trades at $70.17, ranking it as the 20th largest cryptocurrency.

Metrics Analysis

Santiment's data indicates that LTC's MVRV ratio has risen sharply, signaling a bullish trend. Whale transaction count has also increased, suggesting high whale activity. However, market sentiment remains bearish despite the recent price increase, as evidenced by the drop in weighted sentiment.

Fear and Greed Index

Currently, LTC's fear and greed index reads at 72%, indicating a "greed" phase. Typically, when this metric reaches this level, it suggests a potential price correction.

Support and Resistance Levels

Litecoin's liquidation heatmap reveals potential support at $68 and resistance at $71.8. If the bull rally persists, LTC may reach $71.8. However, if the trend changes, a drop to $68 is possible.