Litecoin (LTC) Price Signals Further Consolidation amid Increased On-chain Activity

As a researcher with a background in blockchain technology and digital assets, I have closely followed the development and progress of Litecoin (LTC) over the years. While it’s true that Litecoin is a veteran altcoin with significant market capitalization and a strong global community, its lack of innovative development and support for smart contracts has been a major point of criticism in the Web3 space.

Litecoin (LTC), an offshoot of Bitcoin (BTC) created to facilitate mainstream transactions, has evolved into a significant digital currency over the years. This mid-level altcoin boasts a fully diluted market value of approximately $6.6 billion and daily trading volumes averaging around $481 million. With over 9 million investors holding it, Litecoin takes great pride in its wide community.

The proof-of-work (PoW) blockchain, which has a hash rate of approximately 1.02 PH/s, has faced criticism for not keeping pace with the innovative advancements in the Web3 sphere. Unlike networks such as Ethereum (ETH), Solana (SOL), Tron (TRX), and Toncoin (TON), Litecoin does not offer smart contract functionality or support for Web3 development.

The Litecoin network has primarily relied on the speculative nature of cryptocurrencies for its success, earning it the moniker of “silver” in the industry. However, a recent analysis from Forbes’ researchers casts doubt on the significance of Litecoin’s blockchain, labeling it as one with uncertain and limited practical applications beyond crypto trading speculation.

Litecoin Believers Remain Unshaken

The devoted community around Litecoin has stayed strong over the past few years, even as the altcoin’s value became stuck in a prolonged consolidation relative to the US dollar. The Litecoin network has experienced two halving events, leading to a decrease in the total available supply from miners. However, this reduction in supply has not yet prevented the price from continuing to move within a large triangular pattern on the larger scale.

As a crypto investor, I’ve noticed an intriguing development with Litecoin (LTC). The price has been inching closer to the peak of a triangular chart formation, which has piqued my interest and that of other market observers. This pattern typically precedes a significant move in the asset’s price. Keep an eye on LTC as we approach this potential breakout.

In addition, Litecoin’s network offers greater liquidity and faster confirmation times than most other blockchain networks.

Recently, data from market intelligence platform Santiment indicates that Litecoin’s activity has been increasing. The average number of unique Litecoin network addresses in the past week was approximately 704,000, which is a significant jump from the average of around 345,000 unique addresses during May.

As an analyst, I’ve observed that Litecoin has seen approximately 704,000 unique addresses transacting on its network over the past week. This figure represents a significant increase from the average of around 345,000 addresses that were active throughout May. The network’s substantial growth in active addresses, coupled with its Relative Strength Index (RSI) currently residing within an opportunity zone, could potentially signal an impending rebound for Litecoin.

— Santiment (@santimentfeed) June 11, 2024

Surprisingly, there have been more transactions taking place on the Litecoin network than on Bitcoin (BTC) or Ethereum (ETH), as indicated by the higher number of active addresses – a sign that more investors are engaged with Litecoin.

Litecoin (LTC) Price Expectations

As a cryptocurrency analyst, I’ve noticed that Litecoin (LTC) has experienced a approximately 5 percent decline, trading around $79.16 on Tuesday amidst the current market volatility. Despite this setback, Litecoin has been displaying strong bullish sentiment since the 2017/2018 bull cycle, indicating an imminent price upswing in the near term. Notably, renowned crypto analyst Crypto Tony on the X platform predicts that the LTC price against the US dollar is on the verge of a significant bull run similar to Silver’s role in the metal industry.

$LTC / $USD – Update
As a researcher studying the cryptocurrency market, I believe we may need another couple of years for Litecoin to solidify its position and truly demonstrate its value as the potential “silver” to Bitcoin. Let’s see if it can live up to that expectation! #ResearcherPerspective #CryptoMarketAnalysis #Litecoin #BitcoinSilver
— Crypto Tony (@CryptoTony__) June 10, 2024

Technical analysis indicates that Litecoin (LTC) has been constructing an ascending triangle pattern since reaching its 2022 bear market lows around $47. Furthermore, the price has been attempting to break above a falling logarithmic trendline, suggesting a potential upcoming surge in value.

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2024-06-11 16:01