During a low volatility Saturday, the Litecoin price surged 3% to trade at $75.3. The bullish trajectory is likely fueled by on-chain recovery and a major breakout from price. Will the LTC Price build sufficient momentum for a $100 comeback, or are sellers ready to counterattack?
Litecoin Price Targets $100 as On-Chain Volume Reaches 16-Month Peak
According to Santiment data, the Litecoin on-chain transaction volume soared to nearly $4 billion in a single day—the highest level in 16 months. The surge in transaction volume, along with price recovery, signals buyers’ convocation to drive a higher rally,
One of the key drivers behind this surge is the growing discussion around Litecoin, which now accounts for 1.08% of all crypto-related discussions, a notable increase in social dominance. The heightened on-chain activity signals the growing appeal of Litecoin among investors as broader market conditions rebound.
Highest on-chain transaction volume in 16 months! Nearly $4 Billion in a single day!!! #Litecoin ⚡️ $LTC
Source: @santimentfeed pic.twitter.com/g28YwNu5M7— Litecoin (@litecoin) October 18, 2024
By press time, the Litecoin price had traded at $75.2, while the market cap had boosted to $5.6 billion.
LTC Price 2.5% Away From Major Breakout
Over the past four months, the Litecoin price prediction has traded sideways, struggling to surpass $77 resistance. An analysis of the daily chart shows this consolidation hovers above the bottom support trendline of a long-coming triangle pattern.
Theoretically, the pattern drives a temporary consolidation for the prevailing trend to regain its momentum. With the chart pattern intact, the Litecoin price is poised to rebound within the two trend lines before offering a deceive breakout.
Amid the Canary Capital filing for an LTC ETF, the coin price rallied to $75.26, marking a 21.5% growth over the past two weeks. A bullish recovery backed by a notable spike indicates a higher potential to breach the overhead resistance of $77.
A successful flip of this resistance into support will bolster a 34% rally to challenge the triangle resistance trendline at $103.
The Litecoin price trading above the daily exponential moving average (20, 50, 100, and 200) recuperates the bullish narrative in LTC’s midterm term.
On the contrary, if the LTC price fails to break the $77 breakout, the sellers could delay the above bullish thesis and drive a prolonged consolidation.
Frequently Asked Questions (FAQs)
Litecoin’s price recovery is driven by a significant increase in on-chain transaction volume, reaching nearly $4 billion in a single day.
Litecoin is currently 2.5% away from challenging the $77 resistance level, which has held the price in consolidation for the past four months.
A successful breakout above the $77 resistance could trigger a 34% rally, pushing the Litecoin price toward the next target of $103,
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/litecoin-price-100-on-chain-volume-16-high/
✓ Share: