Litecoin price increase today?

Litecoin (LTC) saw a significant increase in value on June 1, as investors shifted their focus to the cryptocurrency’s strong network growth in recent months. The price of LTC rose by 3% to reach an intraday high of approximately $95, in contrast to Bitcoin (BTC) and Ethereum (ETH), which both decreased by 2.25% and 1.75% respectively. This rare decoupling between the markets is noteworthy.

Two days after IntoTheBlock tweeted favorably about the token, the recent gains in the Litecoin market were observed. The blockchain analytics platform emphasized historically strong growth in Litecoin’s non-zero addresses, which reached nearly 8.5 million on May 22, up from around 7.09 million at the beginning of April. The growth may have resulted from existing Litecoin holders distributing their coins across newly-created wallets or from the arrival of new Litecoin users, suggesting an increase in buying demand for LTC tokens.

The total number of unique Litecoin addresses grew in May from 184.66 million to 196.84 million, the largest monthly increase ever recorded. This rise in Litecoin’s network activity coincided with its entry into the non-fungible token (NFT) sector with a new token standard called LTC-20. Additionally, growing speculation leading up to Litecoin’s halving in August may have boosted the LTC address count.

Litecoin’s intraday jump has brought its price near a short-term resistance range of around $93 to $96, which has capped its upside attempts since April. A decisive move above the $93 to $96 area could lead to an LTC price of $100 as its next upside target. On the other hand, a pullback from the range could lead to a run-down toward Litecoin’s short-term ascending trendline support, coinciding with its 50-day exponential moving average (the red wave) near $89.

Looking long-term, Litecoin may see a run-up towards $250, in part due to a classic bullish reversal formation and also due to growing excitement around its halving, as observed in the chart below. Another analyst operating under the pseudonym ‘Doctor Profit’ expects the LTC price to rise due to halving FOMO, but only up to $150. The plan is to sell in mid-June, one month before the halving.

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