The market intelligence platform IntoTheBlock has explained why Litecoin (LTC) isn’t an asset to be overlooked based on its on-chain metrics. Litecoin Has Continued To Witness Significant Activity Recently In a new post on X, IntoTheBlock has discussed what the various key on-chain indicators have been like for the Litecoin network recently. Below is the infographic shared by the analytics firm. According to the data, there are currently around 370,000 daily active addresses on the Litecoin blockchain. An address is said to be ‘active’ when it participates in some kind of transaction activity on the network, whether as a receiver or sender. Related Reading: Bitcoin HODLing Rewards: Long-Term Holders Selling At 326% Profit The metric’s value basically tells us about the amount of users that are using the cryptocurrency. Another indicator, the daily transactions, provides information about the exact measure of activity that these users are taking part in. At present, LTC users are making 200,000 transactions every day. IntoTheBlock has pointed out that this level of user activity is higher than on other networks like Dogecoin (DOGE) and Cardano (ADA). “Much of this activity stems from Litecoin being one of the few cryptocurrencies actively used for payments,” notes the analytics firm. LTC offers cheap and fast transactions, so it has always been a network preferred as a mode of payments. The activity-related metrics continuing to be high (in fact, further growing over the past month) implies this selling point of the chain is still attracting users. Another metric in the infographic that correlates to activity is transaction volume, which keeps track of the daily total amount of USD value that’s being transferred to the network. Impressively, this indicator currently stands at $10.27 billion, which is higher than the coin’s total market cap. While Litecoin is continuing to do well in terms of activity-related metrics, the cryptocurrency has remained stagnant in terms of price growth. A result of this is that just 72% of the addresses on the network are sitting in some unrealized gain. Of course, this still means the majority are above water, but other networks like Bitcoin (BTC) have it close to the 100% mark right now due to the bull run. That said, another way to look at this could perhaps be that Litecoin has more relative room to run, since the risk of a mass selloff goes up the more investors get into profits. Related Reading: Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms It seems that a strong majority of the Litecoin userbase also thinks similarly, as 78% of the 7.94 million Litecoin holders have been HODLing since more than a year. “As one of the older Layer 1 networks still seeing significant usage, Litecoin shouldn’t be overlooked,” says IntoTheBlock. It only remains to be seen, however, whether LTC can finally translate its positive on-chain metrics into price appreciation or not. LTC Price Litecoin has suffered a plunge of around 8% over the last 24 hours, which has taken its price to $113. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Crypto analyst Tony Severino said Litecoin is about to pull an XRP, suggesting that the coin could soon enjoy a parabolic rally. The analyst alluded to a bullish indicator on LTC’s chart, which showed that the crypto could witness this parabolic rally. Litecoin Is About To Pull An XRP, Here’s Why In an X post, Tony Severino said that Litecoin is about to pull an XRP, noting that the crypto is now above the monthly upper Bollinger Band. This suggests that LTC has undergone the necessary price correction and is now well-primed for a bullish reversal. The analyst’s accompanying chart showed that a wick to the upside was already forming for the crypto on the monthly chart. Related Reading: Shiba Inu Burns Spike 7,418% In 1 Week – Can SHIB Price Continue Pushing To New Highs? Severino didn’t give a price target for how high Litecoin could rally when this move to the upside occurs. However, the chart showed that the $150 and $300 price levels were in view, a rally that could ultimately pave the way for LTC to rally to its current all-time high (ATH) of $412. It is worth mentioning that the crypto analyst had also recently made a similar analysis for XRP. Before now, Severino mentioned XRP is just above the monthly upper Bollinger Band just as BB Width expands from the tightest squeeze in XRP history. He added that this is going to shock and awe. Since then, XRP has enjoyed a parabolic rally of over 200% and is now above the $2 mark, a level the analyst’s chart showed the crypto could surpass. Therefore, this Litecoin analysis is undoubtedly one to watch since the crypto analyst predicts that LTC will pull an XRP. Litecoin has yet to enjoy its bull run, although it already looks to be catching up, considering it is up over 24% in the last seven days. The Next Dino Coin To Run? Like Severino, crypto analyst Crypto Snorlax has also suggested that Litecoin will be the next ‘Dino coin’ to witness a parabolic rally. In an X post, the analyst highlighted a chart overlaying XRP’s price action over LTC’s. Based on this analysis, Crypto Snorlax revealed two interesting findings. Related Reading: Bitcoin Price Enters Parabolic Phase Of Cycle After Surge To $98,000 – Analyst Firstly, he noted that there is a strong correlation between old altcoins. With XRP recording a 5x price increase from its bottom range, the analyst expects Litecoin to follow shortly. Secondly, Crypto Snorlax revealed that Litecoin just broke above $115, an 18-month resistance. Therefore, Litecoin is well primed for a significant rally, having flipped this resistance to support. The analyst’s accompanying chart showed that LTC could enjoy up to a 3x price increase and reach as high as $450, which would mark a new ATH for the crypto. At the time of writing, Litecoin is trading at around $121, up over 20% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
On-chain data shows Litecoin has recently recorded its highest weekly volume since May 2023. Here’s what this could mean for the asset’s price. Litecoin Transaction Volume Has Been Rising Recently In a new post on X, Jay Milla, the director of marketing at Litecoin Foundation, has pointed out that the LTC network has witnessed a […]
On-chain data suggests developments in these two Litecoin indicators could explain why the cryptocurrency has seen its latest price surge. Litecoin Volume & Social Dominance Have Surged Recently In a new post on X, the on-chain analytics firm Santiment has discussed about how the underlying metrics of Litecoin have looked during the latest surge in […]
Despite being termed the ‘digital silver’, the Litecoin price has remained muted in the last year. The altcoin’s price saw a run-up back in 2023, leading up to its halving. Since then, it has failed to maintain this upward momentum, falling short of the triple-digit level. From here, though, it seems the tide might finally be changing for the Litecoin price, as a notable prediction from an analyst suggests that a rally could send the price to a new all-time high. Litecoin Price To Reach $7,000 According to a crypto analyst on the X (Formerly Twitter) platform, the Litecoin price is set to outperform all of the large cap cryptocurrencies in the market. The analysis focused on Litecoin’s long-term growth, which could see it surpass the likes of Bitcoin and Ethereum. Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? The chart shows that the LTC price is still trending below $70, which is an 84% decline from its all-time high price of $412. However, all hope is not lost as the crypto analyst believes that there is still more to come for the altcoin. Not only does the analyst believe that the Litecoin price will eventually cross the triple-digit level once again, they also believe that four-digit is in the cards for the altcoin. Targets for the Litecoin price include an initial surge that takes it above $100. From there, the crypto analyst expects the recovery to continue. An eventual break above the $1,000 level is mapped out, which would be an around 1,600% price increase from here. However, it doesn’t end there. The crypto analyst expects the price to eventually reach as high as $7,000. Now, if this were to play out, it would mean an over 11,000% price increase from the current price level. Related Reading: Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News As for the timeframe for when this is expected to play out, the crypto analyst seems to expect it to happen before 2026. This would put it in the expected 2025 bull run, where the likes of Bitcoin are expected to touch new all-time highs. But an 11,000% increase could easily make the Litecoin price the best performer out of the top 20 cryptocurrencies by market cap. “If you hate it or not, but IMO Litecoin will outperform all the big cap Crypto’s. See you at $7000,” the post read. On its own, the Litecoin price has not been very impressive. According to data from Coinmarketcap, the price is up only 1.42% in the last year, showing sluggish movement. Momentum has also declined rapidly, with total open interest remaining below $300 million for more than two months straight. Featured image created with Dall.E, chart from Tradingview.com
Litecoin is rising, days after plunging to fresh Q2 2024 lows of around $70 in June. At the back of this resurgence is the surge in Ordinal inscriptions. Over 25 Million Ordinals Inscribed On Litecoin According to Litecoin, over 25 million ordinals have been inscribed on the proof-of-work network as of June 27. Of note, […]
Litecoin price is recovering higher from the $75.00 zone against the US Dollar. LTC could continue to rise if it clears the $84.00 resistance zone. Litecoin is showing positive signs from the $75 support zone against the US Dollar. The price is now trading below $85 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair (data feed from Kraken). The price could gain bullish momentum if it clears the $83-$84 resistance zone. Litecoin Price Aims Higher After a steady decline, Litecoin found support near the $75.00 resistance zone, like Bitcoin and Ethereum. LTC price started a recovery wave above the $78.00 and $80.00 resistance levels. It even cleared the 50% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. The bulls even pumped the price above $82.00, but the bears were active near the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair. Litecoin is now trading below $85 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $83.00 zone or the 61.8% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. The next major resistance is near the $84 level. If there is a clear break above the $84 resistance, the price could start another strong increase. Source: LTCUSD on TradingView.com In the stated case, the price is likely to continue higher toward the $88.50 and $90.00 levels. Any more gains might send LTC’s price toward the $95.00 resistance zone. Are Dips Supported in LTC? If Litecoin price fails to clear the $84 resistance level, there could be a downside correction. Initial support on the downside is near the $80.00 level. The next major support is forming near the $77.80 level, below which there is a risk of a move toward the $75.00 support. Any further losses may perhaps send the price toward the $70.00 support. Technical indicators: 4-hour MACD – The MACD is now gaining pace in the bullish zone. 4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level. Major Support Levels – $80.00 followed by $77.80. Major Resistance Levels – $83.00 and $84.00.