Namaskar LyckySevenTrader Community:
On a typically quiet Saturday with low market volatility, #Litecoin #LTC_usdt surged by 3%, reaching $75.3. This bullish movement appears to be driven by an on-chain recovery and a major breakout, sparking curiosity about whether LTC has enough momentum to push towards the $100 mark or if sellers are ready to step in.
Litecoin Aiming for $100 as On-Chain Volume Hits 16-Month High
Recent data from Santiment reveals that Litecoinâs on-chain transaction volume has spiked to almost $4 billion in a single day, the highest in 16 months. This surge in transaction volume, coupled with the price recovery, indicates that buyers are coming together to drive a rally. Additionally, Litecoinâs social dominance has increased, accounting for 1.08% of all crypto-related discussionsâan uptick that highlights growing interest among investors as the market conditions improve.
As of now, Litecoin is trading at $75.2, with its market cap climbing to $5.6 billion. The increase in on-chain activity and social dominance suggests that investors are eyeing Litecoin closely, hoping for a sustained recovery.
Litecoin Price Just 2.5% Away from Key Breakout
For the past four months, Litecoin has been consolidating sideways, struggling to break past the $77 resistance level. A look at the daily chart shows that this consolidation is occurring above the lower support trendline of a long-term triangle pattern. Such patterns often signal temporary pauses in price movement, allowing the prevailing trend to gather strength.
With the triangle pattern still intact, Litecoin appears ready to bounce between these trendlines before potentially breaking out. If Litecoin can breach the $77 resistance level, it could flip this barrier into support, fueling a potential 34% rally that could see the price challenge the triangleâs upper trendline at around $103.
ETF Hype and Bullish Indicators
Recently, Canary Capital filed for an LTC ETF, causing the coin price to climb to $75.26, marking a 21.5% increase over the past two weeks. This bullish momentum, supported by significant volume, suggests that Litecoin has a higher probability of breaking through the overhead resistance at $77.
On the technical side, Litecoin is trading above its 20, 50, 100, and 200-day exponential moving averages (EMAs), reinforcing the bullish outlook for the medium term. However, if Litecoin fails to clear the $77 resistance level, sellers may step in, potentially extending the current period of consolidation.
Conclusion
The coming days will be crucial for Litecoinâs trajectory. Will it break through the resistance and aim for $100, or will sellers reassert control? Investors should keep a close watch on the $77 level for clues on the next major move.
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