The number of wallet addresses for Litecoin has reached 8 million, increasing by 1 million after a decline from its peak in November 2023. Analysts predict that LTC will reach $150 as there are no significant resistance levels beyond $100.
Litecoin’s on-chain activities have boomed 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, and the number of active addresses is approaching 350,000.
According to reports, the number of Litecoin addresses has steadily grown 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 asset has also seen a surge of 80% in Grayscale’s LTC Fund in just eight days, indicating increased investor interest. This growth can be attributed to Litecoin’s strong infrastructure and consistent uptime.
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 upgrades, the price of LTC has yet to reach 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 successful, will face minimal resistance. The In/Out Money indicator shows that there is only $4 million of volume between $95 and $130, compared to $17 million between $82 and $95.
Analyzing the weekly time frame chart, LTC has followed an ascending support trendline since May 2022. Although it has traded below the $100 horizontal area, there have been bullish deviations, particularly in June 2023. The weekly RSI and MACD indicators also support a potential bullish breakout, as they are trending upward in the positive area. If this analysis proves correct, LTC could surge to $150, representing a 60% increase from the current price. However, there may be a slight pullback before this significant move, considering the pattern has persisted for 650 days.
From a technical standpoint, the upcoming Litecoin Core v0.21.3, which integrates MWEB support for clients, could serve as a major catalyst for this price movement.
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