NewsletterLitecoin Adds 1M Addresses in 7 Months—Will LTC Price Rally?
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
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?
2. What does ADX mean and how is it used in trading?
3. Is Litecoin ready to hit $100?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- World’s Highest IQ Holder Projects $100 XRP in 5 Years, What Does He Know?
- Is the DeFi Giant Aave Protocol In Trouble and a Price Crash Looms?
- UK Treasury Introduces Crypto Bill Following US Playbook- Is It Already Too Late?
- US SEC Advances Proceedings to Enable Nasdaq Launch Tokenized Securities Trading
- President Trump Allegedly Got Paid to Settle Crypto Cases: NYT Report
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
- Will Bittensor Price Break Above $400 After First TAO Halving Tomorrow?
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
- Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect
