HomeCryptocurrencyKraken: Litecoin has a chance to repeat the bullish cycle of 2017

Kraken: Litecoin has a chance to repeat the bullish cycle of 2017

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Litecoin

The Kraken cryptocurrency exchange investigated network indicators and noted the likelihood of the asset repeating the indicators of 2017

In another report, Kraken stressed that in December 2017, the LTC rate increased by 638% in just a month — from $50 to $369. Now LTC is sending signals similar to those that foreshadowed its sharp rally at that time:

network activity shows an increase in demand and the possibility of entering the next wave of growth. In addition, the asset remains below the overbought zone.”

One of the most important indicators is the number of active addresses, which has been in a strong uptrend for almost a year:

“The number of active addresses has been in an upward trend since December 2020, that is, there is an increasing activity in the network against the background of the growth of the rest of the market. In addition, recently the growth in the number of active addresses has gone up sharply, which has become the most rapid increase in activity since April 2021.”

The number of new addresses with a non-zero balance is also growing:

“The 7-day moving average of new addresses (with a non-zero balance) is at a record high of 308,827. It recently exceeded the previous maximum of 270,000 (observed on October 9).”

In addition, Kraken investigated the MVRV indicators of Litecoin (determine the overvaluation of an asset relative to its fair value). It is reported that Litecoin is now far from the overbought zone, even despite the recent growth:

“LTC’s current MVRV indicators are slightly higher than 2. The overbought level is at around 7 (that is, it is 3.5 times lower now).”

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