Why Litecoin Price Sees 17% Surge Before Hitting A Major Resistance

Litecoin Price: The crypto market returned on a recovery trend as Bitcoin price reclaimed the $70000 psychological level. The renewed recovery uplifted most of the major cryptocurrencies and influenced Litecoin. The recent rebound of LTC price from the confluence of technical support at $77 sparks a fresh recovery opportunity for crypto buyers.

Also Read: Crypto Market Adjustments Lead Litecoin (LTC) Investors to Explore Kelexo (KLXO) Presale Opportunities

Litecoin Witnesses Over a Million New Investors in Address Count Boom

The short-term rally in Litecoin price is bullish evidenced by the ascending support trendline in the daily chart. The coin price rebounded thrice from this support reflecting a key accumulation level for investors during the market dip.

On March 20th, the LTC price rebounded from the confluence of ascending trendline and 100-day EMA at $77, uplifting the coin value by 15% within a week. If the broader market trend remains bullish, this altcoin is likely to surge another 17% before hitting the resistance trendline of a symmetrical triangle pattern.

According to a tweet from Jay M, the Marketing Director at the Litecoin Foundation, there has been a remarkable increase in the number of Litecoin network addresses that hold a balance. The data, sourced from the analytics tool IntoTheBlock, indicates that there are now 8 million addresses with a balance, showcasing a surge of over a million new holders within the last year. 

This uptick in active addresses is a strong indicator of Litecoin’s growing user base and suggests a heightened level of confidence among investors.

Symmetrical Triangle Break Could Propel Litecoin to $195

Over the past 2 years, the Litecoin price has been traveling a long sideway trend resonating between two converging trendlines of the symmetrical triangle pattern. Amid the current recovery trendline, coin buyers are likely to challenge the pattern’s overhead trendline, for a new start of recovery trend. 

This breakout would signal a major change in the Litecoin price trend, setting a potential target of the $195 mark.

Technical indicator

• Exponential Moving Average: A bullish crossover between the 100-and-200-day EMA bolsters the bullish momentum in LTC price.
• Relative Strength Index: The daily RSI slope wavering around 50% slope reflects neutral sentiment among traders.

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