After more than six years trapped in a macro consolidation, Litecoin (LTC), the third largest digital asset secured by the legacy proof-of-work (PoW), has confined the onset of a fresh bull cycle. With a fully diluted valuation of about $9 billion and more than 8.8 million non-zero addresses, the mid-cap altcoin closed March on an extremely bullish outlook.
As a result, Litecoin is currently attempting to break above the last major resistance around $112 to reclaim its all-time high (ATH). Litecoin’s rally aligns with the general crypto bullish outlook led by Bitcoin (BTC) amid the tangible cash inflow from institutional investors.
On the weekly timeline, Litecoin’s price has effectively validated its breakout from a macro-falling logarithmic trend. Various indicators across higher time frames substantially fortify Litecoin’s bullish sentiment.
For instance, the weekly Relative Strength Index (RSI) is making strides, endeavoring to surge above the 70 level for the first time since 2020. Moreover, in the monthly time frame, Litecoin’s price against the US dollar has closed above the 50 Moving Average (MA) for the first time post the third halving event in August last year.
Read More: Litecoin Barges Through $100 Ahead of Quarterly Close: Has the Race to $200 Just Began?
Should Litecoin sustain its bullish momentum in the ensuing weeks, projections indicate a mid-term target of $134, as per the monthly Fibonacci Extension. Undoubtedly, Litecoin stands poised as a potentially lucrative asset, having spent significant time consolidating beneath its 2017/2018 ATH.
Enthusiasts within the Litecoin community are optimistic, foreseeing imminent approval from the US SEC for a spot LTC ETF. Additionally, the Litecoin network shares several fundamental characteristics with Bitcoin, a precedent-setter classified as a commodity upon the approval of spot BTC ETFs.
Meanwhile, the Litecoin network faces immense competition from other layer one blockchains like Solana (SOL) and Cardano (ADA), which have thrived in the web3 space over the past few years.
Read More: Veteran Investor Lists Top Altcoins for 50x-100x Gains by 2025
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