Litecoin News, Market Analysis

Litecoin Holds Solid Bull Support – Price Already Over $190 USD.

The biggest markets are eclipsed by enormous profit margins, with Bitcoin earning near $64K while on the other hand, Litecoin (LTC) tale seems to be similar to that of the lovely old ‘blue-chip.’

Litecoin, on the other hand, has been a solid purchase throughout October, and now that LTC is showing symptoms of a probable explosion alongside Bitcoin’s strong gains, what can be expected from cryptocurrency in the near future?

On October 20th, Litecoin made history by grabbing Ethereum’s active addresses, sending market participants into a frenzy. After all, the majority coin number of UTXO cryptocurrency was 600K active daily addresses. What’s more incredible is that LTC’s active addresses are still holding up at such ATH levels.

This raised a crucial question: “Who utilizes Litecoin?” For starters, according to Coin ATM Radar, there are around 22,000 Litecoin ATMs globally. CoinFlipATM operated over 2,900 of them, much-outnumbering ATMs in some of the most popular coins like Ether and DOGE.

However, the increase of active addresses for LTC can be linked to the influx of new participants into the network, as evidenced by the increase in new addresses. This surge of new addresses was excellent for the network’s overall health, especially because the measurements were just getting started a few days earlier. In fact, the number of new addresses increased by more than 50 percent in less than a week starting on October 11th.

Litecoin has continued to trade more with the rising triangle pattern and appears to be approaching the pattern’s resistance line, which is in keeping with healthy chain activity. It was also testing the MA 200 on a daily basis and indicating prospective exits.

While the price of LTC appears to be rising, according to the Into The Block’s Global In / Out monetary indicator, over 66% of LTC owners are profitable at the time of writing.

The above-mentioned activity appeared to have put the 15th-ranked cryptocurrency in a precarious position. While there was still potential for LTC with chain-looking operations, a move over the $200 USD key mark may lead to extremely high coin targets.

At the reporting time, Litecoin (LTC) is presently trading at a price around $190.02 USD, which is 0.82% up for the day.

Litecoin Holds Solid Bull Support - Price Already Over $190 USD.

Litecoin Price Chart – Source: CoinMarketCap

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