SNEAK PEEK
- Litecoin’s halving in August is driving up its active addresses.
- The introduction of LTC20 is causing a shakeup in wallet activity and supply distribution.
- Understanding the relationship between these two factors is crucial for predicting Litecoin’s future.
Litecoin, one of the most popular cryptocurrencies, is set to undergo a halving event in August, which has led to a sudden increase in active addresses. This rise in activity has been attributed to the introduction of LTC20, a new upgrade that is causing a shakeup in wallet activity and supply distribution.
The correlation between these two factors is crucial in predicting Litecoin’s future performance. It is essential to monitor these changes to identify the potential risks and opportunities for investors and traders. By understanding the impact of LTC20 and the halving event, stakeholders can make informed decisions regarding Litecoin’s future trajectory.
The latest Litecoin price analysis shows strong bullish pressure in the market. The LTC/USD pair has broken above $80.00 at $ 80.32 as more buying pressure is seen. The coin has gained over 1.32 per cent in the past 24 hours and looks set to test higher levels in the near future.
In the previous days, the bearish pressure was dominating the market; however, the bulls have regained control of the market. The current support level is seen at $77.85, which was tested earlier today when the bearish pressure attempted to dip the price. Currently, the bulls are in control, and a break above $81.00 will confirm a bullish trend in the market.
The market capitalization of Litecoin is seen at $5.85 billion, with a surge of over 1.59 per cent in the past 24 hours, indicating a strong bullish bias in the market. However, the trading volume is low at $439 million, indicating a consolidation period in the market. The market supply is also seen increasing, at 79 million LTC tokens in circulation.
The technical indicators are also showing signs of a bullish trend in the market. The Bollinger bands are slowly expanding to the upside, indicating that buying pressure has increased in the market. The upper Bollinger band is seen at $94.11, which could be the next target for buyers in the near future, while the lower Bollinger band is seen at $77.37, providing support for the market in case of a dip.
The Relative Strength Index (RSI) is also seen rising. However, it is currently trading in the neutral zone at 37.38. The Moving average convergence divergence (MACD) line is also seen rising, indicating that more buying pressure could be seen in the market. The histograms are also seen moving to the positive territory, supporting the bullish trend.
Overall, the Litecoin token is on the rise today as the bulls take control of the market. The buying pressure is seen in the market; however, traders must be careful as some of the technical indicators are showing signs of a consolidation period. The next target for buyers could be at $81.00 if they can break above today’s resistance levels. Understanding the relationship between Litecoin’s active addresses surge and LTC20 will be key to predicting Litecoin’s future.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
