Albert Brown
Litecoin (LTC) has broken past $70 and is now eyeing $100 as its on-chain transaction volume surges to nearly $4 billion.
With Bitcoin crossing about $68,000 momentarily today, Litecoin is gaining momentum. While the BTC price has jumped 12% in the past seven days, Litecoin has increased by 10.64%.
With a market cap of $5.40 billion, Litecoin is currently trading at $71.98. As it capitalizes on additional momentum in the crypto market, it is targeting a bullish trend toward the $100 psychological mark.
Litecoin Breakout Rally Surpasses $70
The daily chart illustrates the LTC price trend, showcasing a long-awaited breakout above a resistance trendline. Following a bullish reversal from the $56 mark, the breakout rally is forming a rising channel pattern.
Currently, Litecoin is challenging the overhead resistance trendline and has surpassed the 38.20% Fibonacci level at $72.26. Although there was a failed attempt to break through the overhead trendline, the higher position in the intraday candle reflects an intraday pullback of 1.03%.
Nevertheless, the bullish trend has surpassed the crucial exponential moving average lines of 20, 50, 100, and 200. Additionally, the MACD and signal line maintain a positive alignment, supported by an increase in positive histograms.
Litecoin Registers Nearly $4B in On-chain Volume
In a recent tweet discussing Litecoin’s bullish trend, Santiment highlighted a mini-run. Litecoin briefly jumped above the $73 mark for the first time since July, indicating a medium-term breakout rally.
The on-chain volume for Litecoin registered at $3.97 billion, the highest since June 3, 2023. Of all crypto discussions, those related to Litecoin accounted for 1.08%, the highest since April 1, 2024. Santiment also noted the growing retail interest in Litecoin, driven by ongoing developments and initiatives from the Litecoin team.
Will Litecoin Reach $100?
For a continuation of the bullish trend, Litecoin must surpass the overhead resistance trendline and the 38.20% Fibonacci level at $72.26. A successful breakout rally could see the next potential price target near the 61.80% level around the $85 mark.
Furthermore, trendline breakouts generally lead to a complete reversal to the trendline’s peak. This could result in a price jump above the $100 psychological mark to challenge the $109 peak.
Conversely, a bearish reversal within the channel will likely test the $65 mark.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
