After experiencing a major setback during the first half of “Uptober”, the cryptocurrency market has regained momentum with blue chip tokens breaking out of their important resistance level this week. On the other hand, the Litecoin price has achieved its July high.
Are you one of many planning to invest in Litecoin, but concerned about its prospects? In this article, we have covered the market sentiments, on-chain data, and possible short-term price targets of the Litecoin (LTC) crypto token.
After trading within an ascending channel pattern since August, this altcoin has successfully regained momentum by breaking out of its resistance trendline during the early Asian trading hours.
Further, this altcoin is currently listed on the market with a price tag of $75.34 and has an intraday jump of 4.52% with a trading volume of $337.43 million. Moreover, it has surged 13.27% over the past week and 15.56% during the past 30 days.
Amid increased volatility, Litecoin has witnessed a massive increase in activity. Notably, it has reached a 16-month high of $4 billion in its intraday trading volume.
Moreover, with the induction of new policies and the growing ecosystem’s adoption, Litecoin continues gaining significant traction. On the other hand, it has successfully breached the $70 mark and is now preparing to retest its target price of $100.
If the market bulls continue to dominate the crypto space, the Litecoin price could retest its resistance level of $78.80. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $90.75 in the coming time.
Conversely, if a bearish reversal occurs, the LTC coin price could plunge toward its support level of $67.40. Furthermore, if the bears outrun the bulls, this altcoin could move toward its support trendline of the channel pattern.
Wondering when will this altcoin hit a new all-time high? Read our Litecoin (LTC) Price Prediction 2024 – 2030!
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