Doubling Litecoin (LTC) addresses could indicate a bullish move

The weekend dump dragged the price of Litecoin below $80 as the cryptocurrency experienced significant selling pressure.

The rally over the past few weeks didn’t push the price higher, but the latest data suggests two potentially bullish indicators for the altcoin, predicting a recovery.

Litecoin Active Address Spike

According to popular crypto analytics platform Santiment, the number of addresses interacting on the Litecoin network more than doubled as of June 4th. This increase in active addresses, from an average of about 345k in May to about 704k last week, suggests a significant increase in activity and adoption of the network, which is generally considered a positive sign.

Santiment’s insights further indicate that Litecoin’s RSI has entered the “opportunity zone” region, implying that the asset may be oversold and potentially poised for a rally in the price Taken together, the increase in active addresses along with the favorable RSI reading could mean a surge for Litecoin in the near future.

Despite this, there are still concerns about selling pressure. Another related analysis showed that around 432,070 addresses acquired a total of 6.67 million LTC, buying at a price range of $81 to $83. This significant buying activity indicates strong interest at this price level.

If Litecoin manages to climb back into this range, it is likely that some of these investors will try to sell their holdings in an attempt to break even. In this scenario, possible selling pressure could create resistance around the $81-$83 range.

Milestones for Litecoin

Litecoin briefly emerged as the world’s most active blockchain, surpassing Bitcoin and Ethereum in terms of active addresses, suggesting an increase in usage due to cost and time efficiencies last week.

On June 6, data from IntoTheBlock revealed that the number of active Litecoin addresses reached the highest level since January. The total number of Litecoin transactions reached 426k during this period of increased network activity.

While most of this increase in transactions involved smaller transactions for less than $10, there was also a notable increase in transactions of all sizes on the network, as indicated by the blockchain intelligence firm .

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