Rally

Litecoin

2024

Bitcoin

Million

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? 
<h2 id="b-ltc-price-eyes-48-rally-before-major-breakout-b">LTC Price Eyes 48% Rally Before Major Breakout</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/t/T2Qt2TKB.png" alt="BINANCE:LTCUSDT Chart " width="1946" height="829">
 <figcaption class="wp-caption-text">
 LTC Price| Tradingview
 </figcaption>
</figure> 
Amid the July market recovery, the <a href="https://coingape.com/price/litecoin/">Litecoin price</a> 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 $5.47 Billion. On July 15th, the rising <a href="https://coingape.com/price-predictions/litecoin-ltc-price-prediction/">LTC price forecast</a> showed a bullish breakout from the resistance of the prevailing correction trend, projecting a change in market sentiment. 
In recent developments highlighted by Jay Milla, the Director of Marketing at the Litecoin Foundation, the total number of Litecoin network addresses with a balance has seen significant growth.&nbsp; 
<blockquote class="twitter-tweet"> 
 The total number of addresses with a balance on the Litecoin Network continues to grow! Currently over 8 million and adding over a MILLION hodlers since last year!! Source: <a rel="nofollow" href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw">@Intotheblock</a> <a rel="nofollow" href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LTC</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a rel="nofollow" href="https://twitter.com/hashtag/HODL?src=hash&amp;ref_src=twsrc%5Etfw">#HODL</a> <a rel="nofollow" href="https://t.co/ObnimM2rqt">https://t.co/ObnimM2rqt</a> 
 — Jay <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/24c2.png" alt="Ⓜ" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f578.png" alt="🕸" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@MillaLiraj) <a rel="nofollow" href="https://twitter.com/MillaLiraj/status/1815782307128877472?ref_src=twsrc%5Etfw">July 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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. 
<img decoding="async" class="aligncenter size-full wp-image-209289" src="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-24_20-32-38.png" alt="LTC Total addresses" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-24_20-32-38.png 1200w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-24_20-32-38-300x200.png 300w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-24_20-32-38-768x512.png 768w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-24_20-32-38-150x100.png 150w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-24_20-32-38-272x182.png 272w" sizes="(max-width: 1200px) 100vw, 1200px"> 
If the LTC price showcases its sustainability at $70, the post-breakout rally could rise 48% to $108 and challenge the <a href="https://coingape.com/glossary/symmetrical-triangle-pattern/">triangle pattern</a> resistance. In theory, the chart setup leads to a temporary consolidation within two converging trendlines for the prior trend to recuperate its momentum. 
<img decoding="async" src="https://s3.tradingview.com/snapshots/r/rW0yWbl8.png" alt="BINANCE:LTCUSDT Chart Image by sahilmahadik07"> 
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: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">EMAs: The recently reclaimed 20D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Average</a> could offer buyers suitable pullback support amid the current recovery.</li> 
 <li style="font-weight: 400;" aria-level="1">ADX: A downsloping trendline in the Average Directional Index slope hints the prevailing bearish momentum is losing strength.</li> 
</ul> 
The post <a href="https://coingape.com/markets/litecoin-nearly-1-million-addresses-7-months-ltc-price/">Litecoin Adds 1M Addresses in 7 Months—Will LTC Price Rally?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Litecoin Adds 1M Addresses in 7 Months—Will LTC Price Rally?

Table of Contents

Coingape News Media

Other articles published on Jul 24, 2024

Ethereum ETFs Launch with Strong Volume; Traders Expect New ATHs Above $3,730 Soon

New HKD-Pegged Stablecoin Unveiled by Jingdong Coinlink

Impressive Inflows for Ether ETFs

Crypto custodian Hex Trust granted a license to offer services in Singapore

Shiba Inu (SHIB) Price Predictions: Experts Forecast 400% Surge by 2030

Ferrari Now Accepts Bitcoin in Europe! Is BTC Price Headed for $1 Million?

Join our free newsletter for daily crypto updates!