As more unique addresses are added in June than in May, the price of Litecoin is rising right now.
The price of Litecoin surged by 2.24% today, reaching a high of $135. This is the highest price that Litecoin has reached since January 2023.
There are a few reasons why the price of Litecoin surged today. First, investors are optimistic about the future of Litecoin. The cryptocurrency has a number of advantages over other cryptocurrencies, including its fast transaction speeds and low fees.
Second, Litecoin has broken out of a downtrend that has been in place since January 2023. This has led to increased buying pressure and has pushed the price of Litecoin higher.
Third, Litecoin has reached a number of technical support levels, which has also led to increased buying pressure.
The LTC price jumped 3% to an intraday high of around $95. In comparison, its top-rivaling assets, Bitcoin and Ethereum, dropped 2.25% and 1.75%, respectively, thus registering a rare decoupling between the markets.
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Litecoin unique addresses jump in May, shatterin previous records
The recent Litecoin market gains appeared two days after IntoTheBlock’s favorable tweet about the token.
In the tweet, the blockchain analytics platform highlighted historically strong growth in Litecoin’s non-zero addresses. Notably, the count reached nearly 8.5 million on May 22 from around 7.09 million at the beginning of April.
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The growth may have resulted from existing Litecoin holders distributing their coins across newly-created wallets. In addition, it may have come due to the arrival of new Litecoin users, which suggests a rise in buying demand for LTC tokens.
Meanwhile, the total number of unique Litecoin addresses grew in May from 184.66 million to 196.84 million, the strongest monthly rise on record.
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The rise in Litecoin’s network activity coincided with its foray into the nonfungible token (NFT) sector with a new token standard called LTC-20. Furthermore, growing upside speculation in the days leading up to Litecoin’s halving in August may have also boosted the LTC address count.
Related: Ordinals protocol extends to Litecoin and Dogecoin, boosting transaction volume
Is $100 Litecoin next?
Litecoin’s intraday jump has brought its price near a short-term resistance range of around $93 to $96, which has capped its upside attempts since April.
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A decisive move above the $93 to $96 area could have LTC price eye $100 as its next upside target. Conversely, a pullback from the range could mean a run-down toward Litecoin’s short-term ascending trendline support, which coincides with its 50-day exponential moving average (the red wave) near $89.
Related: Litecoin price poised for 700% gains vs. Bitcoin, says Charlie Lee
Looking long-term, Litecoin sees a run-up toward $250, partly due to a classic bullish reversal formation and the other due to growing euphoria around its halving, a pattern observed in the chart below.
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Another analyst operating under the alias ‘Doctor Profit’ expects the LTC price to rise on halving FOMO, but until $150.
It is important to note that the price of Litecoin is volatile and could experience a pullback in the near future. However, the long-term outlook for Litecoin is positive and the cryptocurrency could continue to see price gains in the months and years to come.