• Litecoin hits new transaction milestone despite slowdown in network demand.
• LTC’s price action targets $80 as bears wipe out some of its recent gains.

Earlier this month, the Litecoin [LTC] network experienced a surge in activity. In addition, there was growing hype regarding the upcoming halving and this triggered a resurgence of bullish demand for LTC in the second week of May.

Read Litecoin (LTC) price prediction for 2023/2024

Fast forward to the present and LTC has delivered a bearish performance so far this week.

Its current trajectory looks to be headed for a retest of its ascending support which will likely happen near the $80 price level. LTC exchanged hands at $84.41 at press time after falling from a $94 weekly high.

LTC’s weak price action this week reflects the slowdown seen in the overall crypto market in the last 2 weeks.

One of the potential reasons it failed to sustain the hype observed earlier this month could be the fact that the halving is still more than 2 months away. Bullish momentum is likely to be stronger four to two weeks ahead of the actual event.

Litecoin demand slows down

The lower demand is a reflection of the drop in demand for the Litecoin network.

The number of active users dropped from a monthly high north of 830,000 on 10 May and has since dropped to lower than 500,000 active users.

Litecoin’s total value locked in DeFi platforms also slid by a signif

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Author: Michael Nderitu

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