During Saturday’s low volatility, Litecoin price surged 3% to trade at $75.3. The bullish trajectory will likely be fueled by an on-chain recovery and a significant breakout from the price. Can LTC price build enough momentum for a $100 recovery or are sellers ready to fight back?
On-chain trading volume hits 16-month peak, Litecoin price target is $100
Litecoin’s on-chain transaction volume soared to nearly $4 billion in a single day, the highest level in 16 months, according to Santiment data. A surge in trading volume as prices recover indicates that buyers will be summoned to drive higher price increases.
One of the main drivers behind this surge is the growing discussion surrounding Litecoin, which currently accounts for 1.08% of all crypto-related discussions and is showing significant social dominance. It is increasing. The increase in on-chain activity signals Litecoin’s growing appeal among investors as broader market conditions improve.
Highest on-chain transaction volume in the past 16 months! Approximately $4 billion in one day!!! #litecoin ⚡️ $LTC
sauce: @santimentfeed pic.twitter.com/g28YwNu5M7
— Litecoin (@litecoin) October 18, 2024
At the time of writing, Litecoin’s price was trading at $75.2, and its market cap had risen to $5.6 billion.
LTC price is 2.5% away from big breakout
Over the past four months, Litecoin price predictions have remained sideways, struggling to break above the $77 resistance. Analyzing the daily chart, we see that this consolidation sits above the lower support trendline of a long-term triangle pattern.
Theoretically, this pattern promotes a temporary consolidation for the prevailing trend to regain momentum. With the chart pattern intact, Litecoin price is poised to rebound within two trend lines before delivering a deceptive breakout.
The coin price rose to $75.26 as Canary Capital filed for LTC ETF, marking a 21.5% growth over the past two weeks. A bullish recovery backed by a notable surge indicates a likely breakout of the overhead resistance at $77.
A successful conversion of this resistance into support would strengthen the 34% rally to challenge the $103 triangular resistance trend line.
With Litecoin price trading above the daily exponential moving average (20, 50, 100, 200), the medium-term bullish story for LTC recovers.
LTC/USDT -1 day chart
Conversely, if LTC price fails to breakout at $77, sellers could delay the above bullish thesis and trigger an extended consolidation.
Frequently asked questions (FAQ)
Litecoin’s price recovery was driven by a significant increase in on-chain transaction volume, reaching nearly $4 billion in one day.
Litecoin is currently 2.5% away from challenging the $77 resistance level that has held its price for the past four months.
A successful breakout of the $77 resistance level could trigger a 34% rebound and push Litecoin price towards the next target of $103.
✓ Share:
Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
