#Litecoin (LTC) Price Grew 40% In One Day: Will The Party Continue?
Litecoin Traders Are on the Rise
Analyzing how long users are holding LTC reveals a surge in short-term traders. These are users who hold LTC for less than a month. The number of coins they hold jumped from 7.84 million LTC to a whopping 11.13 million LTC. That’s a significant increase of 41.96% in just one month.
However, this rise in short-term holders comes at a cost. The number of long-term holders, also known as Hodlers (those holding for more than a month), is going down. Their LTC stash went from 45 million all the way down to 42.5 million.
This trend of more short-term traders and fewer long-term holders could have two consequences for LTC’s price. First, it might lead to more volatility. Short-term traders tend to buy and sell more frequently, which can cause price swings.
The Relative Strength Index (RSI) measures whether an asset is overbought or oversold. It measures the momentum of price movements by comparing the size of recent gains to recent losses. The RSI is displayed as a value between 0 and 100. Generally, an RSI above 70 indicates an overbought condition, suggesting the price may be due for a decline. Conversely, an RSI below 30 suggests may be oversold and primed for a potential upswing.
