Why Litecoin Price Sees 17% Surge Before Hitting A Major Resistance 

Litecoin Price: The crypto market returned on a recovery trend as Bitcoin price reclaimed the $70000 psychological level. The renewed recovery uplifted most of the major cryptocurrencies and influenced Litecoin. The recent rebound of LTC price from the confluence of technical support at $77 sparks a fresh recovery opportunity for crypto buyers.

Also Read: Crypto Market Adjustments Lead Litecoin (LTC) Investors to Explore Kelexo (KLXO) Presale Opportunities

Litecoin Witnesses Over a Million New Investors in Address Count Boom

The short-term rally in Litecoin price is bullish evidenced by the ascending support trendline in the daily chart. The coin price rebounded thrice from this support reflecting a key accumulation level for investors during the market dip.

On March 20th, the LTC price rebounded from the confluence of ascending trendline and 100-day EMA at $77, uplifting the coin value by 15% within a week. If the broader market trend remains bullish, this altcoin is likely to surge another 17% before hitting the resistance trendline of a symmetrical triangle pattern.

According to a tweet from Jay M, the Marketing Director at the Litecoin Foundation, there has been a remarkable increase in the number of Litecoin network addresses that hold a balance. The data, sourced from the analytics tool IntoTheBlock, indicates that there are now 8 million addresses with a balance, showcasing a surge of over a million new holders within the last year. 

The total number of addresses with a balance on the Litecoin Network continues to grow! Currently at 8 million and adding over a MILLION hodlers since this time last year!! $LTC ⚡️ #HODL pic.twitter.com/mm2HFcWC00

— Jay Ⓜ️🕸️ (@MillaLiraj) March 25, 2024

This uptick in active addresses is a strong indicator of Litecoin’s growing user base and suggests a heightened level of confidence among investors.

Symmetrical Triangle Break Could Propel Litecoin to $195

Over the past 2 years, the Litecoin price has been traveling a long sideway trend resonating between two converging trendlines of the symmetrical triangle pattern. Amid the current recovery trendline, coin buyers are likely to challenge the pattern’s overhead trendline, for a new start of recovery trend. 

This breakout would signal a major change in the Litecoin price trend, setting a potential target of the $195 mark.

Technical indicator

• Exponential Moving Average: A bullish crossover between the 100-and-200-day EMA bolsters the bullish momentum in LTC price.
• Relative Strength Index: The daily RSI slope wavering around 50% slope reflects neutral sentiment among traders.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.