Litecoin Achieves Historic Milestone with 180 Million Transactions — Can LTC Rekindle Its Growth?
Litecoin reached major milestone of 180m transactions. The price has been stagnant but this could be a catalyst for an uptrend.
Key Takeaways
- Litecoin network fundamentals look strong.
- The price has been stagnant, but there may be some positive signs on the horizon.
- LTC has reached a key support level.
On Monday, October 9, 2023, Litecoin hit a remarkable milestone, processing its 180 millionth transaction. However, its price has remained stagnant since August 16, when it experienced a sharp 50% decline to $57 from its yearly high of $115.50 on July 2.
The question arises: could this milestone rekindle investor interest and potentially ignite a surge in its price?
Litecoin’s major milestone
As Litecoin approaches its 12th anniversary since its launch, the network has consistently seen a rise in transaction activity. In 2022, it recorded 39 million transactions, and in 2023, that number has already exceeded 51 million. Now, the network has achieved a significant milestone by processing a total of 180 million transactions.
Litecoin proudly maintains a robust and uninterrupted network performance. Notably, Litecoin transactions have seen a surge, largely attributed to the cryptocurrency payment processor Bitpay.
In September, an impressive one in three consumers chose Litecoin for transactions at Bitpay-affiliated merchants. Moreover, in August, Litecoin experienced its third halving event, leading to a reduction in block rewards to 6.25 LTC.
LTC Price Analysis
LTC reached its peak of $411 on May 10, 2021, marking the pinnacle of its last bull cycle, a return to the previous all-time high levels last seen in December 2017, before embarking on a multi-year bear cycle.
The initial downtrend persisted until July 12, 2021, causing Litecoin’s value to drop to $100. Subsequently, there was a recovery to $280 on November 15 of the same year. However, this recovery marked a lower high, leading to a more pronounced decline that brought the price to its bear cycle’s nadir at $40 on June 13, 2022.
This juncture represented the third touchpoint with a significant ascending support level established from the December 8, 2018, and March 9, 2020, lows. A rebound ensued, leading to a price recovery that culminated on July 2, 2023, at $115.5. The peak in July proved to be a rejection of the descending resistance level stemming from Litecoin’s historical high.
The most recent downturn constituted the fourth interaction with the ascending support level, occurring on September 11, when the price descended to $58, where it presently rests.
LTC Price Prediction
Should we witness a rebound from this level, known for its historical role as a robust support, it is probable that Litecoin’s price will ascend towards the descending resistance. This resistance converges with the horizontal zone, approximately at the $90 mark.
However, it’s crucial to recognize that the $90 target is primarily a short-term objective. The 50% decline experienced since July appears to be a corrective phase, and it swiftly reached the 0.618 Fibonacci retracement level after a prolonged period of sustained upward momentum.
The validity of this projection hinges on the absence of further downside movement. If the price continues to decline, it could signal the onset of a new bear market, marked by a breakthrough below a critical ascending support level with a five-year history.
On the flip side, if we observe positive indicators and an impulsive surge in price, it may open the door to reaching $180 or potentially even higher. Such a development could serve as a promising signal for Litecoin’s transition into its next bullish phase.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
