- Analysts predict Litecoin to break through to $105-$110, supported by strong technical indicators and growing market momentum.
- More than 90% of Litecoin holders are profitable, indicating positive sentiment and continued interest in the crypto.
Litecoin [LTC] has shown promising strength lately, with analysts predicting a potential price increase.
Crypto analyst World Of Charts has done that declared that Litecoin is preparing for a significant breakout, with expectations that it could rise to the $105-$110 range if the breakout is successful.
The analyst noted:
“$LTC is showing strength here and preparing for a breakout. In the event of a successful breakout, I expect a move towards $105-$110.”
Source:
Moreover, another analyst, ZAYK Charts, gave a similar view predictionidentifying a descending channel formation on the Litecoin daily time frame.
The analysis of the chart suggested that while the pattern was generally bearish, a breakout above the upper trendline could indicate a bullish reversal.
According to ZAYK charts,
“If a breakout happens, the next target will be $100.”
This prediction is consistent with the principles of technical analysis, where a breakout from a bearish formation often leads to a significant price increase.
Source:
Current price movement
At the time of writing, Litecoin was trading at $65.52This reflects an increase of 0.28% in the last 24 hours and an increase of 8.59% in the last seven days.
Litecoin’s market cap now stands at $4.88 billion, with a 24-hour trading volume of $438 million.
With a circulating supply of 75 million LTC, traders are closely watching Litecoin’s performance for potential upside momentum.
The 4-hour chart shows Litecoin steadily rising, supported by the 20, 50, and 100 period exponential moving averages (EMAs).
The price is approaching resistance at the 200-period EMA at $65.96, which could pose a challenge for further gains.
If Litecoin breaks through this level, it could create more bullish momentum and increase the chances of reaching the $100 target predicted by analysts.
Despite the positive outlook, some indicators point to caution. The Woodies Commodity Channel Index (CCI) is trading at 87.82, putting Litecoin in overbought territory.
This suggested the possibility of short-term selling pressure and a possible pullback if the price fails to surpass key resistance levels.
Source: TradingView
Additionally, the Relative Strength Index (RSI) stood at 66.21, indicating healthy bullish momentum but still far from the extreme overbought zone of 70.
If the RSI rises above 70, Litecoin could face increased selling pressure, which could hinder its upward movement.
Traders are advised to keep a close eye on these technical signals as they could influence Litecoin’s next move.
Active addresses and profitability
Recent data from InTheBlok showed that Litecoin remained profitable for the majority of its holders.
About 90.88% of all LTC addresses, or 85.08k addresses, were “In the Money,” meaning their LTC was purchased at a price lower than the current market price.
Meanwhile, 8.48% of addresses are out of the money, with LTC purchased at a higher price than its current value of $65.37.
A small portion, 0.64%, or 601 addresses, is ‘At the Money’, where the assets were purchased at the current price.
Source: IntoTheBlock
This data suggested that the majority of Litecoin holders were posting profits at the time of writing, further supporting positive market sentiment.
According to DefiLlamaLitecoin’s Total Value Locked (TVL) was reported at $3.41 million, with fees generated in the last 24 hours reaching $1,342.
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In addition, there were 435,508 active addresses within the network.
This combination of profitability and activity indicates continued interest in the cryptocurrency and continued engagement from its user base.