Litecoin came into the focus of analysts again. Technical indicators and on-chain data have revived expectations for the asset’s next big move. Although the price still remains below key resistance levels, the long-held support zone has been retained, raising the question of whether the multi-year downtrend is nearing its end.
Bottom formation is discussed in the technical outlook
Market analyst Celal Kucuker states that Litecoin is close to forming a bottom on a long-term scale. According to Kucuker’s assessment, if the positive scenario occurs, the LTC price may test a new historical peak at approximately $471. Litecoin stands out as a well-established cryptocurrency network known for its peer-to-peer payment-oriented structure.
Celal Kucuker evaluates that the bottom formation has become evident in the long-term chart and in a positive scenario, Litecoin may rise to approximately $471.
LTC is currently trading around $45. While a view similar to a round bottom structure is formed on the chart, it is noteworthy that the price produces higher bottoms while testing the long-term decline line. This structure may indicate that buyers continue to exist at certain levels.
On the other hand, uncertainty continues in the short term. Crypto With Gopal reports that a rising wedge formation has been seen on the Litecoin chart again, and this structure has often resulted in a pullback in the past on the hourly time frame. According to the analyst, the range between $45.30 and $46.00 is watched as a short-term resistance zone.
Crypto With Gopal emphasizes that the rising wedge structure formed in Litecoin has previously led to support breakdowns, and the range between $ 45.30 and 46.00 is followed as a close resistance zone.
On-chain data shows network usage continues
Regardless of price movement, user activity on the Litecoin network remains strong. According to Lite Strategy data, the network hosted over 200,000 daily users throughout June. By the end of the month, that number reached nearly 228,000. For most of the days, the number of daily users remained in the range of 230,000 to 260,000.
This table shows that the Litecoin network maintains its presence, especially for payment purposes. Although regular network usage alone does not mean a price increase, it stands out as a factor that supports the fundamental outlook as investors evaluate whether the long period of decline will be broken.
The $136 level is monitored in the long term
In terms of long-term outlook, the main level that stands out is $136. This region is considered as the intersection point of the past resistance area and the neckline of a larger accumulation structure. If the price persists above this level, it may produce a breakout signal in a wider time frame and bring additional buying interest.
On Kucuker’s chart, the $417 level is also included as an intermediate target. It is thought that this region may form a threshold close to the previous resistance cycle before a possible new peak attempt. On the other hand, if the $ 45.30 and $ 46.00 band cannot be exceeded, the possibility of a short-term correction will remain on the table. Exceeding the resistance may invalidate the short-term negative structure.
