Litecoin Price Analysis: LTC Eyes $100 Breakout as Active Addresses and Transactions Surge

Highlights

The formation of ascending triangles in LTC indicates a gradual attempt from buyers to regain control evidenced by the formation of fresh higher lows.
The $88.9 stands as key resistance currently limiting the recovery attempt from buyers.
The 24-hour trading volume in the Litecoin coin is $338.1 Million, marking a 38% gain.

Litecoin Price Analysis: Amid the current market consolidation, the Litecoin price has witnessed heightened volatility in the past three weeks. A look at the daily chart shows candles with narrow bodies and higher wicks indicate indecisive movement among market participants. However, on-chain metrics show a surge in active addresses and transaction volume suggesting a change in market dynamic. Is LTC ready to break $100?

Also Read: Bull Run: Can Crypto Market Reach $3 Trillion, With Bitcoin Price Above $71,000?

Litecoin Tests Key Resistance Level as Buyer Momentum Builds

BINANCE:LTCUSDT Chart — Litecoin Price Analysis| Tradingview

Since mid-April, the Litecoin price has experienced a steady recovery from buyers using an ascending trendline in the daily chart. Under the influence of this dynamic support, the altcoin rallied from $70.5 to $83.68 current price registering a growth of 18.68%.

However, the buyers’ attempts are facing stiff resistance at the $88.9 level evidenced by two notable reversals within three weeks. With an intraday fall of 0.67%, Litecoin plunged to the aforementioned trendline seeking support and liquidity for another bounce.

According to a recent analysis by the crypto analytics firm IntoTheBlock, Litecoin has experienced a significant uptick in network activity. Yesterday, the number of active Litecoin addresses increased by 75%, reaching the highest level since January and surpassing Ethereum with over 100,000 active addresses.

Also Read: Bitcoin (BTC) at the Forefront: Argentina and El Salvador Strengthen Crypto Ties and Why 5thscape Is Leading

Litecoin Activity is Spiking!

Yesterday, the number of active @litecoin addresses surged by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000.

Similarly, the number of $LTC transactions hit 426,000 yesterday.

While most of the increase is… pic.twitter.com/YiSmHZGnP5

— IntoTheBlock (@intotheblock) June 7, 2024

Furthermore, the volume of Litecoin transactions has also seen a substantial increase. The data shows that there were 426,000 Litecoin transactions recorded yesterday. Notably, while a significant portion of these transactions were under $10, there has been a noticeable rise in transactions of all sizes across the network.

This development indicates a growing interest in Litecoin and projects a broader adoption or increased speculative activity.

Anyhow, the horizontal resistance of $88.9 and the ascending trendline are the two main technical levels influencing the current movement of LTC coins. An analysis of the daily chart reversal with structure as the formation of an ascending triangle pattern.

If the lower support holds, the buyers will break the $88.9 neckline signaling an escape from the current correction trend and a change in market sentiment. If the breakout sustains, the Litecoin price prediction hints at a rally to $100, followed by a rally to $112.

Technical Indicator:

BB indicator: The narrow range of Bollinger Bands indicator projects uncertainty among participants and a need for a decisive breakout to clear market direction.
Relative Strength Index: The daily RSI slope wavering at the midline indicates no clear initiation from buyers to sellers to lead this asset.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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