At the time of writing, Litecoin was one of the biggest gainers in the past 24 hours. LTC rules cryptocurrency payments and therefore respects trend lines.
Litecoin (LTC) was one of the best-performing coins in the past 24 hours, outperforming the top 100 cryptocurrencies by market capitalization, with the exception of Conflux (CFX), which secured second place among the gainers. I surpassed everything.
Even though other cryptocurrencies are experiencing slight changes, Litecoin has shown strength and reminded the market of its potential. Reaching a peak of over $400 in 2021, LTC demonstrated its ability to perform at the top level similar to Bitcoin (BTC) and Ethereum (ETH).
CoinMarketCap reports that LTC is up over 2% at the time of writing, while other large coins are struggling. This shows that Litecoin is gaining momentum amidst depressed market conditions.
Source: CoinMarketCap
LTC’s trading volume surged by more than 17% in the past 24 hours, which increased the volume-to-market ratio by 4.25%. This increased trading activity provides the necessary liquidity to fuel further price action.
With such performance, Litecoin is currently well-positioned to aim for higher price levels, with many traders eyeing the $80 target, but is it possible?
Respecting and predicting trend lines
Following Litecoin’s recent rally, its price movement is showing clear signs of bullish momentum. The cryptocurrency has been respecting an uptrend line since the August 5th market crash, following a similar pattern to other coins that have rebounded since then.
Over the past four days, LTC has maintained an upward trajectory, indicating that it could be one of the standout performers in this last quarter (Q4).
Historically, the fourth quarter has been a bullish period for the overall crypto market, but it has been affected by the unpredictable nature of financial markets.
Source: TradingView
There are also indicators that support the continued upward trend. A golden cross on the MACD indicates potential bullish momentum. Meanwhile, seller volume is decreasing and bullish traders are dominating the market.
Additionally, CMF is reading positive, indicating that funds are flowing into Litecoin, further supporting the bullish potential.
However, to maintain this momentum, LTC will need to break and sustain above $70. If it can do that, it would have a better chance of reaching its $80 target, which would mean a potential upside of 22% from the current price.
Litecoin dominates payments
Looking at additional metrics, LTC’s dominance in crypto payments on BitPay continues to be the driving force.
According to BitPay’s latest September statistics, LTC remains the most used cryptocurrency for transactions, accounting for over 37% of all cryptocurrency payments on the platform. This is more than 12% higher than second place BTC.
Litecoin maintained this top spot throughout the year, even surpassing Ethereum (ETH) and Bitcoin Cash (BCH).
Source:X
History of LTC and BTC halving
Finally, there is historical precedent regarding Litecoin’s performance, particularly regarding the relationship between LTC and BTC halving events.
Read Litecoin (LTC) price prediction for 2024-2025
Historically, Litecoin halvings occur about eight months before Bitcoin, and both cryptocurrencies tend to rise in the months before and after these events.
Source: TradingView
If this pattern holds, LTC could experience a bull market in the fourth quarter, with an even greater chance of a return to the $80 level if broader market conditions continue to improve.
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