Despite a 4% decline today and a 7% drop over the past week, Litecoin has experienced a significant increase in network activity.
Over the past week, Litecoin averaged approximately 704,000 unique addresses interacting on the network, a substantial rise from the 345,000 addresses averaged throughout May.
This more than doubling of active addresses, coupled with its Relative Strength Index (RSI) being well into the opportunity zone, suggests a potential rebound for $LTC.
⚡️ 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 $LTC bounce. pic.twitter.com/7AJfY1tTSJ
— Santiment (@santimentfeed) June 11, 2024
Litecoin Becomes Most Active Blockchain Globally
Remarkably, Litecoin has become the most active blockchain globally, surpassing Bitcoin ($BTC) and Ethereum ($ETH) in terms of active addresses. This indicates that more people are using Litecoin than any other cryptocurrency at present.
Litecoin is the most active blockchain in the world!!! Surpassing #Bitcoin $BTC and #Ethereum $ETH in active addresses. More people using Litecoin than any other crypto right now! 🤯
What’s in your wallet? #Litecoin ⚡ $LTC pic.twitter.com/3wxmjSRU1m
— Litecoin (@litecoin) June 10, 2024
The surge in network activity, despite the recent price declines, highlights a growing user base and increased transaction volumes on the Litecoin network. These factors, combined with favorable technical indicators, may signal an impending bounce for $LTC.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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