Santiment sees potential for LTC price growth due to RSI and the growth of active addresses. Quote from a new analysis from analysts:
“Litecoin averaged about 704,000 unique addresses interacting on the network last week, after averaging about 345,000 addresses in May. The more than doubling of active addresses on the network, along with its RSI (Relative Strength Index) being in the Opportunity Zone, could portend growth for $LTC."
#Santiment infographic points:
- Litecoin has quietly created a bullish divergence with two key leading indicators.
- The number of addresses making transactions has more than doubled since June 4th (the more the merrier).
- Litecoin RSI in the best Opportunity Zone area since September (the lower the better).
Let us add from ourselves that the asset continues to consolidate in the global triangle since March 2022. Volatility is gradually narrowing. After the local “Double Bottom” formed and worked out, the price was unable to gain a foothold above the global downward trend since March 2022 (the upper part of the global triangle).
In a review on March 11 this year, at an exchange rate of $104, we wrote:
“... as long as the price is above the psychological $100 by the body of the daily candle, further growth is a priority. And the body fixing the daily candle above the volume level of $105.70 (with a breakout along the path of the downward trend from March 30, 2022) will open targets of $111.43 (volume level), $115 (high July 3, 2023) and $128.03 (volume level)"
The price then descended to the volume and mirror level of $76.51, but then reached the volume level of $111.43. Then it went into a correction again to the neckline of the pattern - again to the volumetric and mirror level of $76.51.
For the bulls, it is now extremely important to maintain this particular support, otherwise there will be a risk of going to at least the level of $68.20 and the upward trend support from June 2022.
In general, we would say that Santiment is in a hurry and we will most likely see $68.20 in the near future. The weekly candlestick is still below the EMA 50 of this TF. And if it closes below it, our confidence in this scenario will increase.
