Litecoin (LTC) has topped $70 and is now aiming for $100 as on-chain transaction volume soars to nearly $4 billion.
Today, Bitcoin has momentarily surpassed around $68,000 and Litecoin is gaining momentum. BTC price has increased by 12% in the past 7 days, while Litecoin has increased by 10.64%.
Litecoin has a market capitalization of $5.4 billion and is currently trading at $71.98. It is capitalizing on further momentum in the crypto market and targeting the bullish trend towards the psychological mark of $100.
Litecoin breakout rally surpasses $70
The daily chart shows the trend in LTC price, indicating a much-awaited breakout above the resistance trend line. Following a bullish reversal from the $56 mark, the breakout rally is forming an ascending channel pattern.
litecoin price chart
Currently, Litecoin is challenging the overhead resistance trend line and is above the 38.20% Fibonacci level at $72.26. Although the attempt to break out of the overhead trend line failed, the higher position of the intraday candle reflects a 1.03% intraday pullback.
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Nevertheless, the bullish trend remains above the important exponential moving averages of 20, 50, 100, and 200. Furthermore, the MACD and signal line maintain a positive positional relationship, supported by an increasing positive histogram.
Litecoin registers nearly $4 billion in on-chain transaction volume
In a recent tweet discussing Litecoin’s bullish trend, Santiment highlighted the mini-run. Litecoin briefly surpassed the $73 milestone for the first time since July, signaling a medium-term bull market.
Litecoin’s on-chain transaction volume reached $3.97 billion, the highest since June 3, 2023. Litecoin-related discussions accounted for 1.08% of all cryptocurrency-related discussions, the highest since April 1, 2024. Santiment also noted the growing interest of retailers in cryptocurrencies. Litecoin is powered by continuous development and efforts by the Litecoin team.
Will Litecoin reach $100?
To continue the bullish trend, Litecoin needs to break above the overhead resistance trendline and the 38.20% Fibonacci level at $72.26. If the breakout rally is successful, the next potential price target could be around 61.80% around $85.
Additionally, a trendline breakout usually leads to a complete reversal to the trendline peak. This could push the price above the psychological mark of $100 and challenge the $109 peak.
Conversely, a bearish reversal within the channel is likely to test the $65 level.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
