Litecoin (LTC) Price Crosses $100; LTC Heads For The $130 Mark

Litecoin’s price managed to cross $100 and, according to the latest reports, it looks like LTC might be heading toward the $130 mark. Check out the latest reports about the price of LTC below.

The price of Litecoin (LTC) is currently attempting to break through a significant resistance area for the fourth time. As each touch weakens the resistance, it appears that a breakthrough is imminent. If successful, it’s possible that the LTC price could reach $130 after recently testing $100.

Additionally, the wave count and RSI reading are both showing bullish signs, further increasing the probability of a successful breakout.

Based on the weekly time frame technical analysis, the outlook for LTC appears mostly bullish. There are several reasons for this optimistic view.

One key factor is that since the end of May 2022, the LTC price has been trading within an ascending triangle pattern, which is typically indicative of a bullish trend. Therefore, it is highly probable that a breakout from this pattern will lead to a price increase in the future.

The LTC price has been attempting to break through the $100 resistance area multiple times.

This indicates that a breakout is plausible as resistances tend to weaken with each touch. Presently, the resistance has been surpassed, but it is crucial for it to remain stable and transform into support.

In the last week, the crypto analytics company IntoTheBlock reported a notable uptick in key on-chain metrics for Litecoin (LTC), the peer-to-peer payments network.

Specifically, there was a 28% rise in daily active addresses and a 54.6% surge in new addresses.

“Active addresses & new addresses are back on the rise for Litecoin. Daily active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase!”

As Litecoin’s halving approaches later this summer, there has been a surge in activity within the project. This event occurs every four years, where the block reward for mining LTC is halved, reducing its supply and potentially leading to a price increase.