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?

Inhoudsopgave

Coingape News Media

Andere artikelen gepubliceerd op 24 jul 2024

Bitcoin Shows Significant Gains in Recent Bull Rally

Gravity Integrates Pyth Price Oracles for Enhanced DeFi Solutions

If You Invested $1000 In Bitcoin When Jack Dorsey Endorsed It As Internet's Native Currency, Here...

Tron Price Prediction: Is Another Surge Ahead For TRX?

Mt. Gox transfers $335M in Bitcoin to Bitstamp, unknown wallet

Bitcoin (BTC) Shows Signs of Breakout, Says Top Analyst

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!