Litecoin topped the chart as the dominant proof-of-work network with the most transaction activity. Despite ranking as the network with the highest activity, the price of the coin has fallen to October 2022 levels.
Litecoin captures 55% of the market cap by active addresses
Litecoin made it to the top among the proof-of-work networks as the chain with the highest activity. The aggregate of the active addresses on the POW networks hit more than 4.23K, with the Litecoin network capturing more than 55% of the market share, with 237,064 transactions taking place on its network. Bitcoin network, which grabbed the second place, saw nearly 87.5K transactions, which is almost a third of Litecoin activity, while Doge, Dash, and Bitcoin Cash shared the rest.
Despite capturing the title as the network with the highest active addresses, LTC prices have been crashing since July on the daily chart. The coins’ prices were above $100 back in mid-July. However, as the geopolitical tensions grew intense, the coin started to shed value. From hitting values above $130 in July, LTC crashed 60% and fell to $51 as of the time of writing. Litecoin reached these levels back in October 2022, which was followed by a major rally.
Daily and monthly charts shows a reversal at hand
The Relative Strength Index, which is at 33, is still heading into the oversold region. If the RSI value crashes below the 30 level, then the coin prices will be oversold. However, some traders wait for the RSI to reach these extreme levels to enter the market. With strong on-chain fundamentals, traders will be waiting for this signal. Once they enter the market, Litecoin prices will reverse.
Just like the daily chart prompts a reversal, the monthly chart too indicates an oncoming reversal. The monthly chart shows that the prices are trading inside a symmetrical triangle pattern, which is bullish. Now that the coin is resting on the lower trendline, the coin will rebound and head towards the upper trendline, which is above $100. Just like the daily chart, the monthly chart also shows that a reversal is due. As such, LTC prices will recover in the coming days.
