Litecoin’s network activity has experienced a notable surge. This increase in unique addresses interacting on the network, coupled with favorable technical indicators, suggests a potential price rebound. Despite the current price decline, the uptick in on-chain activity may hint at a forthcoming positive movement for Litecoin.
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Litecoin (LTC) On-chain Activity Soars
Santiment, a crypto behaviour analytics platform, reported that Litecoin has seen an increase in unique addresses. Over the past week, the network averaged approximately 704,000 unique addresses. This is a substantial rise compared to the 345,000 average addresses in May. This doubling of active addresses indicates heightened user interaction and interest in Litecoin.
In addition to the surge in unique addresses, Litecoin’s Relative Strength Index (RSI) has moved well into an opportunity zone. The RSI is a momentum indicator used to identify overbought or oversold conditions. A low RSI can signal that an asset is undervalued, potentially indicating a good buying opportunity. Hence, this movement suggests that Litecoin might be poised for a bounce.
LTC Market Action
At press time, the price of Litecoin (LTC) stands at $78.60. It has a daily trading volume of $465,535,845.73. This reflects a 1.07% price decline over the past day and a 3.68% decline over the past seven days. These figures indicate a recent downtrend, but the increased network activity and favorable RSI may suggest a potential reversal.
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Show more +The recent surge in Litecoin’s on-chain activity and its RSI entering an opportunity zone are significant developments. These factors, coupled with the current price movements, suggest that Litecoin could be gearing up for a bounce.
Read also: Why is the Crypto Market Down Today?
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