The number of wallet addresses for Litecoin has increased by 1 million, reaching a total of 8 million, after experiencing a decline from its peak in November 2023.
Analysts predict that Litecoin (LTC) will reach $150, as there doesn’t seem to be any significant resistance level after $100.
The on-chain activities of Litecoin have been booming ahead of the highly anticipated Bitcoin halving, with the number of wallet addresses growing by over 1 million in the past year. As of March 28, there were a total of 8 million wallet addresses. Data also shows that the number of active addresses is following a similar trend, approaching 350,000.
According to reports, the number of Litecoin addresses has steadily increased since 2020, reaching its peak in November 2023 before declining.
In terms of crypto payment transactions, Litecoin has surpassed Bitcoin, Ethereum, and Dogecoin, accounting for 41.76% of the total transaction counts in February 2024. The growing interest from investors is also evident in the 80% surge in Grayscale’s LTC Fund in just eight days. This recent growth can be attributed to Litecoin’s strong infrastructure and years of uninterrupted service.
To further enhance its ecosystem, Litecoin is implementing the MWEB upgrade, which aims to improve fungibility and scalability. This upgrade is expected to enhance transaction privacy and overall network efficiency, allowing Litecoin to compete with other leading networks in the crypto ecosystem. MWEB has been in development for two years and is anticipated to be the largest update in Litecoin’s history.
Despite the increasing on-chain activities and upcoming upgrades, the price of LTC has yet to make a significant move towards its all-time high of $412. It is currently trading at $96. In the past seven days, the asset has seen a 13% surge.
Analysts believe that LTC is currently attempting to break through the $100 resistance level, after several unsuccessful attempts. Market data indicates that once LTC surpasses this point, there won’t be any significant resistance overhead. The In/Out Money indicator confirms this, showing that there is only $4 million in volume between $95 and $130, compared to $17 million between $82 and $95.
Looking at the weekly time frame chart, LTC has been moving alongside an ascending support trendline since May 2022. During this period, the asset has mostly traded below the $100 horizontal area, except for a deviation in June 2023. Analysts consider this a bullish pattern that could push the price above $100.
The weekly RSI and MACD indicators also support this potential bullish breakout, as they are trending upward and in the positive area. If this analysis proves accurate, LTC could surge to $150, representing a 60% increase from the current price. It’s worth noting that there might be a slight pullback before this significant move, as the pattern has already existed for 650 days.
From a technical standpoint, the upcoming Litecoin Core v0.21.3 update, which will integrate MWEB support for clients, could act as a significant catalyst for this price movement.