Litecoin breaks past $100 on Binance after processing a million transactions in a week

Litecoin (LTC) crossed the key psychological level of $100 on Friday for the first time since mid-April, according to data from Binance. The altcoin’s network observed a spike in on-chain activity and social dominance throughout the week leading up to the price rally.

Litecoin is 33 days away from its next halving event, which is considered a bullish catalyst for LTC in the long term.

Also read: Something interesting happens to Litecoin price 50 days before halving

Litecoin hits $100 bullish target 

Litecoin’s third halving event is in about one month, whenthe current block reward, 12.5 LTC,will be slashed to half after. The altcoin’s two previous halving events have  acted as a bullish catalyst. 

Typically, a reduction in Litecoin supply fuels a rally in the altcoin. In anticipation of the upcoming halving, bulls pushed the altcoin’s price higher. Moreover, based on data from crypto intelligence trackers, on-chain metrics such as daily active addresses and social dominance support a bullish thesis for Litecoin.

On Binance, Litecoin price hit its $100 target and is currently trading at $101.30. LTC price hit a peak of $102.99 before receding to $101.30, as seen in the price chart below. At the time of writing, Litecoin price is above its three 10-day, 50-day and 100-day Exponential Moving Averages (EMAs) at $88.05, $86.20 and $84.73, respectively. 

Litecoin price chart one-day Binance

LTC price previously tagged these levels in mid-April, before the correction in crypto prices. The altcoin is likely to sustain its bullish momentum in the days leading up to the halving event. At the time of writing, nicehash.com predicts the halving will occur on August 3.  

Bullish metrics supporting LTC price rally

According to Litecoin, the network successfully processed a million transactions over the past week. Social dominance, an indicator of the altcoin’s relevance among crypto market participants and its mention on social media platforms increased, hitting a peak ahead of the price rally.

Social dominance of Litecoin hit similar levels in June, when the altcoin’s price touched the $95 level, as seen in the chart below.

Litecoin social dominance

On-chain indicators and growing adoption of Litecoin support the LTC price rally and its bullish break past $100. 

Akash Girimath, technical analyst and expert at FXStreet, predicted Litecoin’s run up to $100 in a post here.