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

Litecoin (LTC) bounced off the support zone at the $70 zone but the momentum lacked for completed flip to a bullish price structure.

Litecoin Price Action and Prediction

LTC held above $70 where price levels at $68 and $80 acted as key support and resistance for traders as they indicated breakout opportunities to either side.

The bearish trendline from $140 descended to touch $125 followed by $115 showed the ongoing market correction.

The price moved between these set boundaries as market participants displayed unclear behavior.

A decisive price rise above $80 resistance could start an upward price trajectory raising the potential for $96 and possibly reach $113 within the longer period which matched previous swing high levels.

Price movement below the $68 support level could activate additional selling force that could drive prices down toward $60 and could potentially reach even lower levels to revisit former support levels.

LTC price action chart | Source: TradingView

The descending triangle pattern showed clear indications for an upward breakout because of its horizontal $68 support.

The bearish momentum intensified within this pattern structure because breaking support at $68 would have led to major price reduction.

Litecoin’s bullish breakout which clearly surpassed both the descending trendline and the $80 resistance would cancel this bearish prediction thus leading to a start of an aggressive upward price movement.

Top Cryptocurrencies in Transactions

In recent times Litecoin emerged as an actively used cryptocurrency in transaction processes according to statistical information.

During March Litecoin demonstrated its widespread popularity among users since its payment counts reached 32.26% of total transactions at BitPay.

The transaction records from BitPay showed Litecoin to be involved in a large number of cryptocurrency payments during this period.

During the same period Bitcoin’s transaction volume obtained a strong position by making up 29.09% of the total volume.

BitPay chart showing top transactions | Source: Litecoin Foundation

Ethereum occupied the second position in transaction usage with 11.54%. Dogecoin kept a separate place in transaction counts with 5.96% although it primarily existed for speculative trading purposes.

Bitcoin Cash (7.98%) and Polygon (2.26%) together with USDC (3.89%) and USDT (2.61%) took part in transaction processing yet they had lower percentages than Litecoin and Bitcoin.

Litecoin successfully facilitated numerous transactions thus establishing its position among the top cryptocurrencies for this function.

LTC’s Bitrefill Share among Total Users

Throughout the recent period, the percentage of Litecoin users continued to grow relative to the overall user base at Bitrefill.

For July 2020, Litecoin usage amounted to 4.3% of the total customer base. The user base significantly increased to reach about 5.8% as the month of January 2021 began.

The share of users saw a growth that reached more than 9% as the market reached July 2021 thus achieving its maximum during the same year near 9.7%.

The user base of Litecoin dropped from its peak of 9.7% in 2021 to reach 8.7% in January 2022 and then decreased again to rest at 8% during July 2022.

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

The share reached its lowest point at 6% after 2022 ended and the first quarter of 2023 began.

The trend experienced a reversal after which Litecoin user share began to recover and achieved its new high of 7.5% in July 2023.

The usage of LTC continued to grow which resulted in users rising above 10% in January.

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