Santiment has signaled a potential LTC rally soon.
Active addresses on Litecoin surged to 704,000 in June.
LTC’s RSI indicator has dropped to an “opportunity zone.”
Santiment, a crypto market analysis platform focusing on on-chain and social metrics, suggests a potential bounce may occur in Litecoin’s price. In a recent post on X, Santiment highlighted that approximately 704,000 addresses interacted on the Litecoin network in the past week, up from an average of about 345,000 addresses throughout May.
⚡️ Litecoin has averaged ~704K unique addresses interacting on the network over the past week after averaging ~345K addresses throughout May. The network more than doubling in active addresses, along with its RSI well into an opportunity zone, may be foreshadowing an $LTC bounce. pic.twitter.com/7AJfY1tTSJ
— Santiment (@santimentfeed) June 11, 2024
According to Santiment, the surge in active addresses on the Litecoin network and the Relative Strength Index (RSI) indicator moving well into an “opportunity zone” could foreshadow an LTC bounce. Santiment included a screenshot of the Litecoin price daily chart, showing that the RSI indicator has not fallen to this level since last September. It also showed that the rising active addresses have been a consistent occurrence since the beginning of June.
Meanwhile, TradingView’s data shows that Litecoin has been trading in a sideways channel since mid-April, after the cryptocurrency experienced a sharp decline. The altcoin lost 29% of its value within two days to complete a pullback after rallying to a yearly high of $112.98 on April 1. With the drop in mid-April, Litecoin collapsed into a horizontal range with an upper boundary at $89.66 and a lower boundary of $73.75.
LTC was trading at $77.58 at the time of writing, closing in on the lower boundary of the horizontal range. Following Santiment’s opportunity zone prediction, bouncing off this area could allow LTC holders to make substantial profits. It would imply the altcoin has significant room for a potential rally before meeting significant resistance.
It is worth noting that Litecoin’s price structure shows initial resistance above the current price is around the $90 level, above which LTC would be free to aim for $100. However, with substantial momentum, as indicated by the active addresses build-up, there’s a chance that the renowned altcoin could retest the yearly high of $112.98 as the crypto market potentially heads for an imminent bull run.
The post Litecoin Price Poised for Rebound, On-Chain Metrics Signal appeared first on Coin Edition.
