Litecoin Adds 1M Addresses in 7 Months

Highlights

A symmetrical triangle pattern drives the mid-term sideways trendline in Litecoin.
The 100D and 200D EMA wavering around $77 creates a key resistance level against rising price.
The 24-hour trading volume in the Litecoin coin is $286.1 Million, marking a 30% rise.

Starting this week, the crypto market witnessed a surge in supply pressure as the Bitcoin rally reverted from $68,485 to $65450 This 4.3% pullback stalled the recovery rally for major altcoins including Litecoin. At press time, LTC price trades at $73.44. The LTC price showcased a consolidation trend since last week, recuperating its strength after the early July rally. Will the recent surge in network addresses bolster buyers for a $100 comeback?

LTC Price Eyes 48% Rally Before Major Breakout

BINANCE:LTCUSDT Chart — LTC Price| Tradingview

Amid the July market recovery, the Litecoin price showcased a reversal from the combined support of $57.7 and a long-coming ascending trendline. This dynamic support (blue) intact since November 2018 stands as a crucial accumulation and prevents crypto holders from major correction.

The bullish turnaround has uplifted the asset by nearly 30% to trade at $73.2, while the market cap jumped to $5.47 Billion. On July 15th, the rising LTC price forecast showed a bullish breakout from the resistance of the prevailing correction trend, projecting a change in market sentiment.

In recent developments highlighted by Jay Milla, the Director of Marketing at the Litecoin Foundation, the total number of Litecoin network addresses with a balance has seen significant growth.

The total number of addresses with a balance on the Litecoin Network continues to grow! Currently over 8 million and adding over a MILLION hodlers since last year!! Source: @Intotheblock $LTC ⚡️ #HODL https://t.co/ObnimM2rqt

— Jay Ⓜ️🕸️ (@MillaLiraj) July 23, 2024

The network now boasts over 8 million addresses, with more than a million new holders added in the past year alone. This increase underscores the growing interest and participation in Litecoin, which could drive a natural demand for LTC.

If the LTC price showcases its sustainability at $70, the post-breakout rally could rise 48% to $108 and challenge the triangle pattern resistance. In theory, the chart setup leads to a temporary consolidation within two converging trendlines for the prior trend to recuperate its momentum.

However, this sideways action wavers above the multi-year support trendline hints at an accumulation trend in Litecoin.

A potential breakout from the overhead trendline will signal an early sign of trend reversal, offering fresh a long opportunity for sidelined buyers.

On a contrary note, if the triangle resistance remains intact, the sellers could attempt another reversal and prolong the lateral trend.

Technical Indicator:

EMAs: The recently reclaimed 20D Exponential Moving Average could offer buyers suitable pullback support amid the current recovery.
ADX: A downsloping trendline in the Average Directional Index slope hints the prevailing bearish momentum is losing strength.

Frequently Asked Questions (FAQs)

1. What does the "New Addresses" metric indicate?

The "New Addresses" metric indicates the number of new wallet addresses created on a blockchain that have received cryptocurrency for the first time. It helps measure the expansion and increasing interest in the network.

2. What does ADX mean and how is it used in trading?

ADX stands for the Average Directional Index. It is a technical indicator used to quantify the strength of a trend in a market, regardless of its direction.

3. Is Litecoin ready to hit $100?

The market momentum and recent breakout suggest a strong possibility for LTC to reach $100. However, the presence of triangle resistance around $108 raises concerns about the sustainability of holding this value, until the chart pattern is intact.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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