Litecoin (LTC) Price Prediction: Double Bottom and Breakout Noticed

Litecoin (LTC) price has shown a bullish trend since November, surging by 63%. Amid this bull run, the Litecoin price has seen a corrective phase. However, it has triggered a breakout from the correction and surged past the 20-day EMA.

There were notable percentage increases in the LTC price of 150.51% and 293.61% in 2012 and 2013, respectively. It also saw decreases in 2015 (-22.94%) and 2016 (-10.24%), which showed brief lulls in the activity. Continue reading to learn about future price performances in this Litecoin news.

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Litecoin Transaction Count Kept Increasing

Looking at the chart provided, the LTC transaction count has kept rising. A major highlight was 300 million transactions for Litecoin, showcasing the network’s expansion over the years. The chart showed a steady increase in transactions between 2011 and 2024, moving from 209,737 to 92,764,978.

With a 372.87% increase to 8,312,075 transactions in 2017, a significant recovery began, and the following years saw steady growth.

The trendline showed long-term resilience, as it had an overall positive trajectory despite the fluctuations.

A substantial increase of 144.19% was recorded in 2021 to 42,722,593 transactions. After a minor decline (-7.81%) in 2022, which resulted in 39,387,500 transactions, it rebounded, rising 69.99% to 66,956,397 in 2023.

Projections indicated that 2025 might continue to see growth at 92,764,978 transactions. Despite market volatility, this steady growth showed Litecoin’s potential for adoption and proved the effectiveness of its decentralized network.

Double Bottom and Breakout Noticed in the Litecoin Price

At the time of writing, the Litecoin price was trading at $112.86. It saw a drop of 2.39% over the past 24 hours. The market capitalization of the LTC coin was $8.53 billion and it ranked 22nd in the cryptocurrency market.

The LTC price took support at the $95 level and formed a double-bottom pattern. It has crossed the 20-day EMA and triggered a breakout from the falling channel. Suppose the Litecoin price manages to sustain above the 20-day EMA; buyers might be interested.

If the trading volume supports this momentum, buyers may eye for the $150 mark. The trend is bullish and has the potential to keep surging.

On the other hand, if the Litecoin price dives below the 20-day EMA, strong selling pressure can be anticipated. Once the price loses the $100 mark, it would be a selling opportunity and a profit booking scenario can be generated.

LTC Price Overview and Its Forecast

The recent Litecoin price movements and increasing transaction volume indicate a potential bullish trend. The breakout from the descending channel and the formation of a double-bottom pattern suggest that LTC could be gearing up for a significant price surge. The $150 mark is a possible target if buyer interest remains strong and trading volume supports this momentum.

However, caution is warranted. A drop below the 20-day EMA could signal increased selling pressure, warranting a more cautious approach for investors. Overall, while the outlook appears optimistic, market volatility always poses a risk that should be carefully considered.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.