Litecoin Can Break Above $80 From Support At $68 If…

Litecoin (LTC) Price Analysis and Prediction

Litecoin (LTC) recently rebounded from support around $70, though the momentum wasn't sufficient to definitively shift to a bullish trend. Price levels at $68 and $80 acted as key support and resistance, indicating potential breakout points.

A bearish trendline, descending from $140 through $125 and $115, highlights ongoing market correction. Price movement within these boundaries reflects indecisive market behavior.

A decisive break above the $80 resistance could initiate an upward trajectory, potentially reaching $96 and even $113 (matching previous swing highs) over the longer term. Conversely, a fall below the $68 support could trigger further selling pressure, driving prices towards $60 or lower, potentially revisiting previous support levels.

LTC price action chart | Source: TradingView

The descending triangle pattern suggests a potential upward breakout, supported by the horizontal $68 support level. However, a break below $68 would significantly strengthen the bearish outlook. A bullish breakout above both the descending trendline and $80 resistance would invalidate this bearish prediction and signal a strong upward price movement.

Litecoin's Transactional Activity

Litecoin has recently demonstrated significant transactional activity. In March, it accounted for 32.26% of total transactions at BitPay, highlighting its popularity among users. This significantly outpaced Bitcoin (29.09%), Ethereum (11.54%), and other cryptocurrencies like Dogecoin (5.96%), Bitcoin Cash (7.98%), Polygon (2.26%), USDC (3.89%), and USDT (2.61%).

BitPay chart showing top transactions | Source: Litecoin Foundation

Litecoin's User Base at Bitrefill

Litecoin's user share at Bitrefill has fluctuated over time. While it peaked at 9.7% in July 2021, it subsequently declined to 6% in early 2023. However, it has since rebounded, reaching 7.5% in July 2023 and exceeding 10% in January. This demonstrates ongoing growth in Litecoin's user base.

LTC chart showing Bitrefill share among total users | Source: Why Litecoin

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