The number of wallet addresses for Litecoin has reached 8 million after a decline from its peak in November 2023, with an increase of 1 million addresses. Analysts predict that LTC could reach $150 as there are no significant resistance levels beyond $100.
The on-chain activities of Litecoin have been booming in anticipation of the upcoming 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, and the number of active addresses is approaching 350,000.
Reports indicate that the number of Litecoin addresses has been steadily increasing 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. This increased interest in the asset is also reflected in the 80% surge in Grayscale’s LTC Fund in just eight days. The growth of Litecoin can be attributed to its strong infrastructure and years of uninterrupted operation.
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 ecosystem. MWEB has been in development for two years and is anticipated to be the largest update in Litecoin’s history.
Despite the positive developments in on-chain activities and upcoming upgrades, the price of LTC has not made significant progress towards its all-time high of $412. Currently trading at $96, the asset has experienced a 13% surge in the past week. Analysts believe that LTC is attempting to break through the $100 resistance level, and once it does, there are no major resistance levels ahead. The In/Out Money indicator supports this notion, as it shows only $4 million in volume between $95 and $130, compared to $17 million between $82 and $95.
A closer look at the weekly chart reveals that LTC has been moving along an ascending support trendline since May 2022. The asset has mostly traded below the $100 horizontal area, except for a brief deviation in June 2023. Analysts consider this a bullish pattern that could push the price above $100. The weekly RSI and MACD indicators also confirm the potential for a bullish breakout, as they are trending upwards within the positive area. If this analysis holds true, LTC could surge to $150, representing a 60% increase from its current price. It is worth noting that there may be a slight pullback before this significant move, as the pattern has been in existence for 650 days.
From a technical standpoint, the upcoming Litecoin Core v0.21.3 release, which will integrate MWEB support for clients, could serve as a catalyst for this price movement.
