Litecoin May Dive Below the Support at $100
Litecoin (LTC) has declined by 8.8% this week, trading at $104.18, underperforming the broader cryptocurrency market as Bitcoin (BTC) falls by 3.3% to $94,705. Litecoin’s weakness has been highlighted by its drop to a weekly low of $97.06, breaching the key support level at $100.00.
Further downside pressure on Litecoin could emerge if Bitcoin falls below its critical support at $89,000-$91,000, with a potential slide to $80,000. Such a move would likely exacerbate selling in Litecoin, dragging prices lower.
From a fundamental perspective, there is little to support Litecoin at present. While the network recently achieved a milestone of 300 million transactions, the number of active wallets has declined by 40,000 in recent days. This decline in user activity reflects waning network engagement, which poses a negative outlook for the altcoin.
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