Cryptocurrency exchange Kraken investigated the network indicators of Litecoin and noted the likelihood of an asset repeating the indicators of the bull market 2017 of the year
In the next report, Kraken emphasized, that in December 2017 year the LTC rate in just a month increased by 638% — from $50 to $369. Now LTC gives signals, similar to those that foreshadowed its sharp rally at the time.:
"Activity in the Litecoin network shows an increase in demand and the possibility of entering the next wave of growth.. Moreover, the asset remains below the overbought zone.".
One of the most important indicators — number of active addresses, which has been in a strong uptrend for almost a year:
"The number of active addresses has been in an uptrend since December. 2020 of the year, that is, there is an increasing activity in the network against the background of the growth of the rest of the market. Moreover, recently, the growth in the number of active addresses has gone up sharply, which was the most rapid increase in activity since April 2021 of the year".
The number of new Litecoin addresses with non-zero balance is also growing.:
« 7-day moving average of new addresses (with non-zero balance) is at an all-time high 308 827. It recently surpassed the previous high in 270 000 (Observed 9 october)».
In addition, Kraken investigated Litecoin's MVRV metrics (determine the overvaluation of an asset relative to its fair value). Reportedly, now Litecoin is far from the overbought zone even despite the recent exchange rate growth:
"The current MVRV indicators of LTC are slightly higher. 2. The overbought level is at the mark 7 (i.e, he is now in 3,5 times lower)».