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The Litecoin network records 704K active addresses, confirming a bullish trend for LTC, particularly as its RSI hits a crucial opportunity zone.
Litecoin is presently experiencing a surge in network activity, signaling a possible bullish trend for the LTC token. According to recent data from the market intelligence platform Santiment, the number of unique addresses interacting with the Litecoin network has dramatically increased.
Specifically, the report noted that over the past week, the average number of unique addresses interacting on the network surged to approximately 704,000. This marks a notable rise from the average of around 345,000 addresses recorded in May. The market intelligence platform asserted that this doubling in active addresses could hint at an upcoming positive movement in LTC’s market value.
⚡️ Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ
— Santiment (@santimentfeed) June 11, 2024
Despite the increase in active addresses, Litecoin’s price has experienced a paradoxical dip, now trading at $78.74. However, this has not dampened the overall market activity. In particular, Litecoin saw a significant 58% rise in its 24-hour trading volume, with over $491 million worth of trades.
Litecoin Now in Opportunity Buying Zone
Adding to the optimistic outlook for the LTC token is its Relative Strength Index (RSI), which has recently entered an opportunity zone. With Litecoin’s RSI at 34.24, it indicates the token may be oversold and potentially poised for a price rebound. Santiment noted that this RSI level is the most favorable since September 2023.
Is a Breakout to $100 Incoming?
As reported by The Crypto Basic, Litecoin’s price has been showing signs of a significant recovery, potentially reaching $100 by June 2024. Data from IntoTheBlock indicates that over 1.48 million holders currently possess 12.32 million LTC, purchased at a peak price of $91.65.
The report suggests that while some holders might consider realizing profits prematurely, which could impede Litecoin’s price recovery at this level, establishing strong support above this price could propel a swift surge toward $100.
Additionally, another assessment by The Crypto Basic highlights that a substantial buy-wall at $75 could provide crucial support in the short term if the market turns bearish. Yet, with the recent increase in funding rates, the likelihood of Litecoin advancing toward $100 seems greater than a potential fallback below $70.