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Litecoin surges in percentage of monthly users in a year: Can LTC rally? 



Litecoin: what are the possibilities of LTC maintaining its bull rally? 
Source: Unsplash

  • Litecoin monthly use in a year increased by over 109%.
  • LTC has been on an uptrend, with over a 6% increase in value in the past 48 hours.

Litecoin [LTC] saw a remarkable price surge that began as 2023 concluded. In addition, Litecoin recently declared that its monthly use had climbed by over 100% in just a year.

This increase reflected a year-long trend of monthly user growth of 9% on average. Do important metrics appear to be convergent, and if so, what would this signify for LTC, moving forward?

 Read Litecoin’s [LTC] Price Prediction 2023-24

Monthly use on the rise

According to a tweet by Litecoin on 2 January, the monthly usage of Litecoin on one of the top crypto processors increased by 109%.

Litecoin was created to be a quick and efficient cryptocurrency while still being decentralized and open-source. In 2011, it was formed as a fork of the Bitcoin [BTC] blockchain, with an aim of delivering a quicker and lighter version of Bitcoin.

Compared to Bitcoin, Litecoin’s Scrypt proof-of-work algorithm was more user-friendly for miners using standard desktop computers. Because of this, more people can use Litecoin, making it a viable alternative to Bitcoin.

No spike but growth noticeable in volume and active addresses

Looking at the volume chart on Santiment, it became apparent that there was little increase in the number of LTC transactions over the past several days. As of this writing, the total value of all transactions was over 500 million.

The volume seen at press time, as compared to the end of December 2022, could be considered as an increase. The recent uptick was still far lower than the roughly 11 billion volume it saw in 2021.

Litecoin volume

Source: Santiment

There was little increase in active addresses, according to a thorough examination of the active address chart for the previous 30 days. A rise from the 6.1 million addresses visible in the middle of December 2022 to the approximately 6.37 million active addresses could be observed as of this writing.

Litecoin active address

Source: Santiment

Litecoin continues to surge but…

It was possible to see that LTC had risen above the short and long Moving Averages on a daily timescale (yellow and blue lines). The yellow line acted as the token’s immediate support at the current price level, with the blue line visible farther down.

LTC was trading at about $75 at the time of writing, up 6% during the previous 48 hours.

Litecoin price

Source: TradingView

The Relative Strength Index (RSI) indicator showed that the token’s overall trend was bullish. Given its position, the RSI line rose after crossing the 50 line. The Moving Average Convergence Divergence (MACD) measure, which displayed a bullish crossover, also supported the optimistic narrative.

One could confidently conclude that LTC was in a strong bullish trend when considering the MACD and the RSI.

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The convergence of price movement and volume was also visible upon considering the On Balance Volume (OBV).

The resistance level was around $80 at the time of writing. The resistance may be broken, and a rally to the $100 area may be possible if the bulls can maintain the price action. On the other hand, bears might regain control, and the price could drop below the yellow and blue lines if the rally cannot be sustained.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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