The Litecoin price increased today, due to the growth in the number of unique addresses throughout May, continuing into June.
Litecoin (LTC) emerged as one of the best performing cryptocurrencies on June 1 as market attention turned to its strong network growth in recent months.
LTC price rallied 3% to an intraday high around $95. By comparison, its top rival assets, Bitcoin (BTC) and Ethereum (ETH), are down 2.25% and 1.75% respectively, thus noting a rare decoupling between markets.
LTC/USD daily price chart against BTC/USD and ETH/USD. Source: TradingView
LITECOIN ONLY ADDRESSES GROW IN MAY, BREAKING PREVIOUS RECORDS
Recent Litecoin market gains came two days after IntoTheBlock’s favorable tweet about the token.
In the tweet, the blockchain analytics platform highlighted Litecoin’s historically strong growth in non-zero addresses. Notably, the number hit nearly 8.5 million on May 22 from about 7.09 million in early April.
The number of Litecoin addresses is non-zero. Source: IntoTheBlock
The growth can be attributed to existing Litecoin holders distributing their coins across newly created wallets. Also, this could happen due to the arrival of new Litecoin users, which indicates an increased demand to buy LTC tokens.
Meanwhile, the total number of unique Litecoin addresses increased in May from 184.66 million to 196.84 million, the strongest monthly increase on record.
Litecoin: number of addresses. Source: Glassnode
Litecoin’s increase in network activity coincided with its foray into the field of non-fungible tokens (NFTs) with a new token standard called LTC-20. Furthermore, the bullish speculation in the days leading up to the Litecoin halving in August may also have increased the number of LTC addresses.
THE NEXT 100 USD FOR LITECOIN?
Litecoin’s intraday jump has brought its price near short-term resistance between $93 and $96, which has been limiting its bullish attempts since April.
Daily LTC/USD price chart. Source: TradingView
A decisive move above the $93 to $96 area could lead LTC price to aim for $100 as its next upside target. Conversely, a pullback from the range could mean a drop to Litecoin’s short-term ascending trendline support, which coincides with the 50-day exponential moving average (red wave) near $89.
Looking to the long term, Litecoin will rally towards $250, partly due to a classic bullish reversal formation and partly due to the growing euphoria surrounding the halving, a pattern observed in the chart. under.
Weekly LTC/USD price chart. Source: TradingView.
Another analyst operating under the alias “Doctor Profit” expects the LTC price to rise when the FOMO halving occurs. He added:
My plan is to sell in mid-June, a month before the halving.