- The total number of wallet addresses of Litecoin increased by 1 million to hit 8 million after declining from its peak in November 2023.
- Analysts expect LTC to hit $150 as no crucial resistance level appears to be found after $100.
Litecoin’s (LTC) on-chain activities boom ahead of the much anticipated Bitcoin halving as the number of wallet addresses grows by more than 1 million in the last 12 months. As of March 28, the total number of wallet addresses was 8 million. Data also shows that the number of active addresses is following a similar trajectory as it nears 350,000.
According to reports, the number of Litecoin addresses has experienced steady growth since 2020, reaching its peak in November 2023 before declining.
In terms of crypto payment transactions, Litecoin is reported to have surpassed Bitcoin, Ethereum, and Dogecoin, accounting for 41.76% of the total transaction counts in February 2024. The increase in investors’ interest in the asset was also seen in the 80% surge in Grayscale’s LTC Fund in just eight days. Its recent growth has been linked to its robust infrastructure and years of 100% uptime.
Litecoin is also boosting its ecosystem with its MWEB upgrade to improve its fungibility and scalability. This is expected to improve transaction privacy and the overall network efficiency to compete with leading networks in the ecosystem. According to reports, MWEB has been in development for two years and could become the largest update in Litecoin’s history.
Litecoin (LTC) Price Analysis
Despite the booming on-chain activities and the multiple upgrades in the pipeline, the price of LTC is yet to make any significant move to reach its all-time high price of $412 as it currently trades at $96. In the last seven days, the asset has surged by 13%.
Analysts believe that the asset is currently making a breakout attempt to breach the $100 resistance level after several unsuccessful attempts. According to market data, LTC would not have any strong resistance overhead once it breaks out above this point. This is confirmed by the In/Out Money indicator, showing that only $4 million of volume is recorded between $95 and $130. In comparison, $17 million of volume is recorded between $82 and $95.
A look at the weekly time frame chart reveals that LTC has, since May 2022, moved alongside an ascending support trendline. Within the period, the asset traded below the $100 horizontal area except for the deviation recorded in June 2023. This, according to the analysts, is considered a bullish pattern that could send the price above the $100 mark.
Interestingly, the weekly RSI and MACD confirm this potential bullish breakout as they trend upward and exist within the positive area. Once this analysis gets validated, LTC could surge to $150, representing a 60% move from the current price. It is also important to note that the price could experience a slight pullback before this “big move” as the pattern has already existed for 650 days.
Technically, the upcoming Litecoin Core v0.21.3 meant to integrate MWEB support for clients could be a major catalyst for this price move.
