bullish

Litecoin

Billion

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Coin

Litecoin’s on-chain activity revealed its enduring relevance and utility in the cryptocurrency space. As of press time, 72% of Litecoin holders were making money, highlighting a strong holder profit ratio that could indicate confidence in Litecoin price. 
The network boasts 370,000 active addresses over the last 30 days, demonstrating significant user engagement compared to other Layer 1 networks like Dogecoin, Cardano, and Avalanche. 
This 200,000 daily transactions reflect high network activity. It suggests that <a href="https://www.thecoinrepublic.com/2024/11/21/litecoin-price-to-see-new-high-as-2021-buyers-near-breakeven/">LTC</a> continues to be a preferred choice for transactions over newer blockchain technologies. 
Notably, Litecoin had a transaction volume of $10.27 Billion in the past month, roughly equivalent to its market capitalization. This emphasized its utility for real-world transactions. 
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This was a critical factor that often attracted both individual and business users who need reliable and swift transactions. 
The network supports 7.94 Million addresses with a balance, indicating a broad and committed user base. Among these, 78% were long-term holders who had retained their LTC for over a year, emphasizing strong community belief in Litecoin’s long-term value. 
Next, Litecoin might strengthen its position as a viable payment method globally, potentially increasing its adoption and value. 
<h2 class="wp-block-heading" id="h-litecoin-price-valuation-against-bitcoin">Litecoin Price Valuation Against Bitcoin</h2> 
Again, Litecoin price marked a significant event: its first yellow candle closed above the 50-week moving average (WMA), a bullish signal often watched for confirmation of a trend reversal or strength. 
Litecoin has been trending downwards against Bitcoin as indicated by the extended periods below the 50 WMA. However, the recent break above this average suggested a potential market shift. 
This move above the 50 WMA could signal increased investor confidence in Litecoin, possibly driven by recent developments or broader market conditions favoring Litecoin. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="520" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-1024x520.jpg" alt="LTC/BTC weekly chart | Source: Trading View" class="wp-image-872360" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-1024x520.jpg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-300x152.jpg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-768x390.jpg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-150x76.jpg 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-696x354.jpg 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms-1068x543.jpg 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/GeWrNN6XwAA9mms.jpg 1317w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 LTC/BTC weekly chart | Source: Trading View
 </figcaption>
</figure> 
The emergence of a yellow candle implied that LTC was entering a phase where it could begin to be seen as relatively undervalued, attracting more attention and investment relative to Bitcoin. 
If Litecoin can maintain its position above the 50 WMA, it could lead to further rallies. This movement served as a critical point for Litecoin price, with implications for its comparative valuation. 
Such a break in market structure can often lead to new ranges of price discovery, possibly challenging previous highs or establishing new support levels. 
<h2 class="wp-block-heading" id="h-fibonacci-retracement-levels-and-macd-for-ltc">Fibonacci Retracement Levels and MACD for LTC</h2> 
Assessing <a href="https://www.thecoinrepublic.com/2024/11/13/balance-held-by-litecoin-sth-increases-ltc-surge-to-continue/">LTC</a>’s price action on the weekly chart saw a pronounced uptrend that recently peaked near the $109.83 level. It engaged the 0.75 Fibonacci Retracement Levels drawn from the swing low at around $20 in early 2020 to the high near $400 in mid-2021. 
This suggested resistance-turned-support levels at 0.75 ($122.221) and a potential target at the 0.618 level ($173.646) if the bullish momentum persists. 
The MACD indicator below the price chart exhibited convergence away from the signal line, implying strengthening upward momentum. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="469" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-1024x469.png" alt="LTC/USD weekly chart | Source: Trading View" class="wp-image-871661" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-1024x469.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-300x137.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-768x352.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-1536x704.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-2048x938.png 2048w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-150x69.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-696x319.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-1068x489.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-179-1920x880.png 1920w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 LTC/USD weekly chart | Source: Trading View
 </figcaption>
</figure> 
This was further affirmed by the latest volume bars, indicating an increase in bullish momentum. 
The potential path forward for Litecoin price, should it sustain the current momentum, could see it approaching the $180 mark, aligning with the 0.618 Fibonacci level. This is a common retracement target for assets in a bullish recovery. 
Traders could consider this a ‘buy the dip’ opportunity, as the price resting above the significant 0.75 level could serve as a new support zone for future rallies. 
However, it’s crucial to remain cautious, as shifts in market dynamics or broader economic factors could quickly alter price movements. 
The post <a href="https://www.thecoinrepublic.com/2024/12/10/ltc-high-on-chain-activity-suggests-litecoin-price-could-hit-180/">LTC High On-chain Activity Suggests Litecoin Price Could Hit $180</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

LTC High On-chain Activity Suggests Litecoin Price Could Hit $180

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