LTC Address Boom: Litecoin Attracts Over a Million New Investors
The recent surge in Litecoinโs price reflects a bullish trend as evidenced by the ascending support trendline on the daily chart. Investors have taken note of this key accumulation level, with the coin rebounding multiple times from this support during market dips. On March 20th, LTC saw a significant uptick, rising by 15% within a week as it bounced off the confluence of the ascending trendline and the 100-day EMA at $77. If the market remains positive, analysts predict a further 17% surge before LTC hits the resistance trendline of a symmetrical triangle pattern.
A recent tweet from Jay M, the Marketing Director at the Litecoin Foundation, highlighted a substantial increase in the number of network addresses holding Litecoin balances. Data from IntoTheBlock showed that the network now boasts 8 million addresses with a balance, indicating a growth of over a million new holders in the past year.
Increased User Base Signals Litecoin Growth
This spike in active addresses is a clear sign of Litecoinโs expanding user base and suggests a rising level of investor confidence in the cryptocurrency.
LTC Price Surge: Potential Breakout to $195
For the last two years, Litecoinโs price has moved within a symmetrical triangle pattern, bounded by converging trendlines. With the current upward trajectory, buyers are poised to challenge the patternโs upper trendline, potentially kickstarting a new phase of recovery. A breakout from this pattern could push Litecoinโs price towards the $195 mark, marking a significant shift in its price trend.
Key Technical Indicators
- Exponential Moving Average: A bullish crossover between the 100-day and 200-day EMA signals strong momentum in LTC price.
- Relative Strength Index: The daily RSI hovering around the 50% mark indicates a neutral sentiment among traders.
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