Will the surge in bullish momentum help Litecoin regain the psychological mark of $100?
With Bitcoin above the $67,000 level, its close relative Litecoin is making a strong comeback. Amid this recovery, Bitcoin Cash has surpassed the $350 level and Litecoin is targeting $100.
As the altcoin market heats up, can Litecoin reach the $100 level by the end of this month?
Litecoin price analysis
Litecoin has a market capitalization of $5.31 billion and is currently trading at a market price of $70.72. Up 5.56% in the past 24 hours, LTC price increased 7.64% in the past 7 days.
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On the daily chart, the price movement of LTC reveals a trend reversal uptrend above a descending channel pattern. Buoyed by underlying demand and a broad market recovery, we are forming an upward channel pattern despite increased volatility.
Driven by pent-up demand and a broader market recovery, corporate channel patterns are rising despite increased volatility.
litecoin price chart
The current recovery phase is challenging the overhead resistance trend line and the 38.20% Fibonacci level at $72.26. The bullish cycle that has seen prices increase by 9.38% over the past two days is facing resistance at the 38.20% Fibonacci level and the resistance trend line just above.
Will Litecoin break above $100?
Litecoin is struggling to sustain levels above $70 as dynamic resistance at the 200-day EMA limits any bullish growth. However, as market sentiment improves, the rise in the 50-day EMA signals a possible golden crossover.
Additionally, the MACD and signal line generated a bullish crossover, accompanied by a positive histogram surge. According to Fibonacci levels, a breakout of the 38.20% level is likely to challenge the 61.80% level at $84.58.
In a bullish scenario, if Bitcoin hits a new all-time high this month, Litecoin could surpass the psychological mark of $100, with $109.13 being a potential price target by the end of the month.
In particular, the main factor supporting Litcoin’s further upward trend is the recent filing of LTC ETF by asset management company Canary Capitals.
Litecoin (LTC) ETF filed by Canary Capital.
Canary Capital has filed an S-1 registration statement for a Litecoin ETF with the SEC, following its filing for an XRP ETF.
— TheCryptoBasic (@thecryptabasic) October 16, 2024
On the other hand, in a bearish scenario, Litecoin investors could see the $65 and $60 price levels as support.
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.
