- Litecoin faces a significant obstacle at the $90 mark, where it has encountered resistance despite the growing number of users.
- This growth of 90,000 LTC holder wallets in March alone suggests a burgeoning user base and signals fresh capital entering the ecosystem.
The Litecoin (LTC) price has been seeing some strong uptick in recent times with 12% gains over the last week. However, LTC is currently facing a major hurdle at $90, from where it has reversed its trajectory. But on-chain data shows that bulls could soon take charge of this rally triggering further gains ahead.
Recent on-chain data from Santiment indicates a surge in new users joining the Litecoin network ahead of the Bitcoin halving. This could potentially pave the way for a significant price surge.
Santiment’s Total Amount of Holders chart monitors the net growth in the number of newly funded wallets on a cryptocurrency network, serving as a gauge for user acquisition and active investor participation.
At the end of February 29, the active Litecoin holders totaled 7.92 million. However, by March 25, this number had increased to 8.01 million unique addresses holding LTC.
This surge represents a growth of 90,000 LTC holder wallets in March 2024 alone. The rise in funded wallets not only signifies an increase in the user base but also serves as a bullish indicator of fresh capital entering the ecosystem.
Litecoin (LTC) Price Eyes Rally to $120
Litecoin (LTC) is displaying resilience as it seeks to rebound from last week’s losses. However, the altcoin is confronted with two crucial obstacles that must be surpassed to unlock substantial gains.
Since March 2022, Litecoin’s price has formed three consecutive lower highs, with the current level situated below the trend line connecting these peaks. Additionally, LTC is trading below the psychologically significant $100 mark, rendering these hurdles particularly formidable, per the Crypto News Flash report.
Should Litecoin maintain its upward momentum and breach the confluence resistance level at $100, it could prompt sidelined buyers to enter the market, potentially igniting a breakout rally. Some of these buyers may target the weekly resistance at $119.84 to capitalize on potential profits. Such a move in Litecoin’s price would represent a notable 32% increase from its current position, as reported by Crypto News Flash.
Over the past two weeks, the Litecoin Relative Strength Index (RSI) has experienced a noticeable increase, climbing from 60 to its current level of 67. The RSI is a valuable tool for assessing an asset’s relative strength and identifying potential inflection points in its price trajectory.
By comparing the magnitude of recent gains to recent losses, the RSI provides insights into the overall momentum driving price movements. This indicator operates on a scale from 0 to 100, with readings above 70 typically indicating overbought conditions, suggesting a potential price correction. Conversely, values below 30 indicate an oversold asset that may be poised for a rebound.
The recent uptick in LTC RSI signifies a surge in buying pressure, indicating heightened investor interest and increased activity within the market.
