Litecoin Price Eyes $100 Comeback as On-Chain Volume Hits 16-Month High
Highlights
- A symmetrical triangle pattern drives the long-term sideways in Litecoin price.
- The LTC price is 2.5% away from challenging the $77 resistance of a 4-month consolation.
- A bullish crossover between the 20-and-100-day EMA should intensify the recovery momentum of LTC.
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)
1. What is driving Litecoin's price recovery toward $100?
2. How close is Litecoin to a major breakout?
3. What will happen if Litecoin breaks above the $77 resistance?
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