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Why is Litecoin price up today?

Published on

June 1, 2023
Read Time:2 Minute, 28 Second

Litecoin (LTC) proved to be one of many top-performing cryptocurrencies on June 1 because the market's consideration shifted to the sturdy community development seen in current months.

LTC worth surged 3% to an intraday excessive of round $95. As compared, its greatest rivals Bitcoin (BTC) and Ethereum (ETH) fell 2.25% and 1.75% respectively, marking a uncommon decoupling between markets.

LTC/USD every day worth chart versus BTC/USD and ETH/USD. Supply: TradingView

Litecoin Distinctive Addresses Skyrocket in Could, Breaking Earlier Information

Litecoin's current market good points got here two days after IntoTheBlock's optimistic tweet concerning the token.

Within the tweetThe blockchain analytics platform pointed to the traditionally sturdy development of Litecoin's non-zero addresses. Notably, the quantity hit practically 8.5 million on Could 22, in comparison with round 7.09 million in early April.

Rely non-zero Litecoin addresses. Supply: IntoTheBlock

The expansion may very well be on account of present Litecoin holders allocating their cash to newly created wallets. Moreover, this may very well be because of the arrival of recent Litecoin customers, indicating a rise in shopping for demand for LTC tokens.

In the meantime, the full variety of distinctive Litecoin addresses rose to 196.84 million in Could from 184.66 million, the strongest month-to-month enhance on report.

Litecoin: variety of addresses. Supply: Glassnode

Litecoin's surge in community exercise has coincided with its foray into the non-fungible token (NFT) area with a brand new token normal known as the LTC-20. Moreover, the growing bullish hypothesis within the days main as much as Litecoin’s August halving can also have boosted the variety of LTC addresses.

Is $100 Litecoin Subsequent?

Litecoin's intraday leap has introduced its worth close to a near-term resistance space of ​​round $93-$96 that has restricted its upside makes an attempt since April.

LTC/USD every day worth chart. Supply: TradingView

A decisive transfer above the $93-$96 vary may see LTC worth eye $100 as the following upside goal. Conversely, a pullback from the vary may signify a drop in direction of Litecoin's near-term ascending trendline help, which coincides with its 50-day exponential shifting common (the purple wave) close to $89.

Associated: Litecoin worth is poised for a 700% surge in opposition to Bitcoin, says Charlie Lee

Over the long term, Litecoin is seeing a surge in direction of $250, pushed partially by a basic bullish reversal sample and partially by the rising euphoria surrounding the halving, a sample observed in the table below.

Weekly LTC/USD worth chart. Supply: TradingView

One other analyst working underneath the pseudonym "Physician Revenue". expected LTC worth will surge on FOMO halving, however as much as $150. He added:

"My plan is to promote in mid-June, a month earlier than the halving."

This text doesn't include any funding recommendation or suggestions. Each funding and buying and selling exercise entails danger and readers ought to do their very own analysis in making their choice.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 1, 2023
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