Litecoin is under a clear accumulation pattern and the recent breakout can push the LTC price to $90 and beyond.
Litecoin has once again swung into action recently with the LTC price jumping more than 8.5% in the last 24 hours. As of press time, LTC is trading at a price of $83.14 and a market cap of $5.9 billion.
On the technical chart, Litecoin has given a clear accumulation breakout which could further lead to the LTC price surge to $90 and more.
Litecoin has been one of the top-performing altcoins over the last month taking the entire crypto space by a surprise. LTC is up by more than 20% on the monthly chart and more than 30% up on a three-month chart.
Interestingly, while Bitcoin, Ethereum, and other altcoins have been under selling pressure and a downward trajectory, Litecoin has delivered an excellent performance with strong gains.
The on-chain data shows that the Litecoin wallet addresses have been on the rise supporting the LTC price surge. On Sunday, December 4, the Litecoin Foundation tweeted:
“On-chain data shows the number of #Litecoin wallet addresses continues to grow at a steady pace. From the beginning of the year, the number was approximately 117 million wallets. Now, there are 162 million LTC wallets and growing”.
On the other hand, the Litecoin network continues to hit some important milestones. As per data, more than a trillion dollars have been moved on the Litecoin network since its inception. An official update from Litecoin notes:
The current global #Litecoin hashrate is 613.81TH/s at block height 2,380,689 with a difficulty of 19,865,123.41.
As we know, the Litecoin team has also been working actively on the upgrade of its Mimblewimble protocol that promises strong privacy, security, and scalability features. With its recent performance, Litecoin has been on the radar of crypto traders and challenging some top altcoins for a spot in the top-ten crypto list. Can Litecoin (LTC) price hit $100 before the end of 2022?