The current developments signal a crucial phase for LTC, potentially leading to a period of price adjustment before reaching stabilization. Investors are closely monitoring whether LTC can overcome these bearish trends or if further corrections lie ahead.
Active addresses serve as a significant metric reflecting users' interest in a network. For Litecoin, daily active addresses surpassed 1 million during January 2024. Interestingly, despite this activity, LTC prices remained relatively stable. However, following a significant price spike from $72 on February 5 to $104 on March 10, the number of active addresses began to decline sharply.
LTC Active Addresses (24hrs) and 7D Moving Average. Source:Santiment.
In just one week, active addresses dropped from 413,000 to 335,000, with the 7-day Moving Average illustrating a clear downtrend. This decline may indicate a loss of confidence in Litecoin among users, potentially impacting its price negatively.
Similarly, the number of transactions presents a similar narrative to active addresses. Between December 2023 and January 2024, Litecoin consistently recorded over 400,000 daily transactions, at times surpassing 1 million. Despite this robust network activity, LTC prices remained stable. However, starting from the end of January, Litecoin's daily transactions declined steadily, reaching less than 175,000 in March.
Litecoin: Daily Number of Transactions. Source:Glassnode.
Interestingly, despite the decrease in transactions, LTC experienced a recent price surge. This divergence suggests that the price surge may have been influenced more by the broader crypto market and LTC's correlation with major players like BTC and ETH, rather than fundamental factors.
Analyzing LTC's 4-hour price chart reveals potential support at $83. However, if this level proves inadequate, LTC could experience further correction towards $72, indicating a 12% decrease.
Additionally, LTC's Exponential Moving Average (EMA) lines corroborate the bearish trend. The recent occurrence of a "Death Cross," where shorter-term EMAs cross below longer-term EMAs, indicates a shift from bullish to bearish sentiment. This suggests that recent prices are falling compared to historical prices, indicating potential seller control and an impending downward trend.
LTC Price, EMA, and Support and Resistance. Source:TrandingView.
Despite the challenges posed by decreasing active addresses and transactions, if LTC manages to reverse this trend, it could test resistance at $95 and potentially rise to $105, provided it breaks through the $95 barrier.
Litecoin (LTC) reaches 5 million long-term holders, signifying widespread adoption. Recent growth, profitability insights, and origins highlight its appeal. Despite challenges, LTC's milestone underscores enduring community acceptance.
Huang BoIntroducing Koala Coin (KLC): blending fun and finance in a community-driven project. Priced at $0.014 in first presale stage, it offers a unique journey of belonging and rewards. Appeal to Litecoin (LTC) and Chainlink (LINK) enthusiasts seeking diversification and growth potential. Join the Koala Coin (KLC) journey now for a future filled with laughter and opportunity.
Xu LinLTC climbs to $96.44, up 21% in a week. Potential correction signals, but $1.8B volume indicates sustained interest. LTC aims for $150. SMOG, with 100,000 holders, surges 13,000% since Feb. Investors consider LTC stability vs. SMOG's high-growth potential.
Huang BoLitecoin emerges as top performer in cryptocurrency payments, surpassing Bitcoin, Ethereum, and Dogecoin according to Bitpay. With 41.76% transaction count dominance, Litecoin sees ATH. This milestone could reignite interest and boost its growth despite modest price gains.
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