Lightcoin (LTC), unlike bitcoin and other leading digital currencies, continues to trade in a narrow range.
It has managed to climb above $80 since early March, but volatility remains weak due to the lack of bullish support.
Bears are keeping LTC below $85, and the RSI relative strength index remains neutral. That is, the altcoin is not planning to break out anytime soon, analysts said.
According to data from the Santiment platform, the average daily number of active addresses on lightcoin has remained virtually unchanged since mid-February at 410,160.
The weak network activity suggests that the bulls are refusing to increase their support for LTC.
However, the bears have so far failed to bring the cryptocurrency down below $80. As long as it holds above this mark, 49% of wallets remain profitable. Losses are incurred by 39% of lightcoin addresses, as indicated by IntoTheBlock data.
Large altcoin holders are predominantly inactive. Kiys are not buying LTC, but they are not going out to sell either. They prefer a wait-and-see tactic.
The number of transactions for amounts from $100,000 has not changed since the beginning of February. The average weekly volume of such transactions is about $9.9 billion.