Doubling Litecoin (LTC) Addresses Could Signal Bullish Move

The weekend dump sent the price of Litecoin falling below $80, as the cryptocurrency came under significant selling pressure.

The buildup over the past two weeks has failed to push the price higher, but the latest data points to two potential bullish indicators for the altcoin, anticipating a rebound.

High active Litecoin addresses

According to popular cryptocurrency analysis platform Santiment, the number of interacting addresses on the Litecoin network has doubled as of June 4. This increase in active addresses, from about 345K on average in May to about 704K last week, indicates a significant increase in network activity and adoption, which is generally considered a positive sign.

Santiment ideas It also indicates that Litecoin's RSI has entered the “opportunity zone” zone, meaning that the asset may be oversold and possibly preparing for a price rebound. Taken together, a rise in active addresses combined with a positive Relative Strength Index (RSI) reading could point to a rally in Litecoin in the near future.

Despite this, concerns about selling pressures remain. Related post analysis It showed that around 432,070 addresses held a total of 6.67 million LTC, with purchases in a price range between $81 and $83. This significant buying activity indicates strong interest at this price level.

If Litecoin can climb back into this range, some of these investors will likely try to sell their holdings in an attempt to break even. In such a scenario, potential selling pressure could create resistance around the $81-$83 range.

Litecoin milestones

Litecoin briefly appeared As the world's most active blockchain, surpassing Bitcoin and Ethereum in terms of active addresses, it indicated an increase in usage due to cost and time efficiency last week.

On June 6th, IntoTheBlock data open The number of active Litecoin addresses has reached the highest level since January. The total number of Litecoin transactions reached 426,000 during this period of increased network activity.

While the majority of this increase in transactions involved smaller transactions of less than $10, there has also been a notable rise in transactions of all sizes on the network as noted by the blockchain intelligence firm.