Litecoin Address Growth Hits Eight Million – Will LTC Break the $100 Mark?
Can LTC Price Break Out Above $100? | Credit: Getty Images
Key Takeaways
- The number of Litecoin addresses has grown by one million in the 12 months, reaching eight million.
- However, LTC’s price has struggled to maintain a breakout above $100 since January 2022.
- When will the Litecoin price move outside the confines of its 650-day bullish pattern?
The total number of Litecoin addresses grew by more than one million in the last 12 months, reaching eight million on March 28. The number of active addresses is also trending upward.
Despite this increase in interest for Litecoin, the price has struggled to break above the $100 resistance area. LTC is currently making another breakout attempt. Will it finally be successful?
Litecoin Addresses Cross 8 Million
The number of Litecoin addresses has been steadily increasing since July 2020. It peaked at 9.23 million in November 2023 before falling below eight million. This week, the total addresses climbed above eight million again.
Measuring from March 2023, there has been an increase of exactly one million addresses. This could be seen as a sign of increased adoption or new Litecoin holders.
The number of active addresses is also steadily rising, currently close to 350,000. Despite the increase in adoption, the LTC price struggles to begin its bullish cycle. LTC trades 76% below its all-time high and has not moved above its 2023 highs yet.
When looking at the In/Out Money indicator, there is only $4 million of volume between $95 and $130, compared to $17 million of support between $82 and $95. This can mean that if the LTC price breaks out above $100, there will not be a strong resistance overhead.
LTC Price Prediction: Will $100 Break?
The weekly time frame technical analysis shows the LTC price has increased alongside an ascending support trend line since May 2022. During this time, it also traded below the $100 horizontal area, with the exception of one deviation in June 2023 (red circle).
Combined, these create an ascending triangle, considered a bullish pattern. Currently, LTC is attempting to break out from the $100 horizontal resistance area.
The weekly RSI and MACD support the possibility of a breakout, since they are trending upward and are in positive territory. A breakout that travels the entire pattern’s height would take LTC to $150, an increase of 60% measuring from the current price.
However, since the pattern has already existed for 650 days, it is possible that the price will consolidate inside it in the short-term before an eventual breakout.
LTC Increase Can Accelerate Above $100
With the lack of resistance above $100, the LTC price can finally accelerate its increase if it breaks out above the resistance area. The current bullish pattern has been in place for 650 days. So, a potential breakout above it can be an important event in Litecoin’s bullish cycle.
