With the Bitcoin price sustaining above the $70K mark, close cousins like Litecoin are scaling new heights. As the LTC price hits the fifth positive day, the uptrend continues to gain momentum and may shortly surpass the psychological mark of $100.
Further, the high anticipation around the Bitcoin halving is expected to have a domino effect on altcoins like Litecoin. Therefore, the coming months for Litecoin could be extremely bullish; the LTC price prediction teases a jump beyond $200.
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Despite the LTC price trend gaining momentum and volatility in 2024 in this bullish reversal, the altcoin manages to hold on to an uphill journey. The overall price trend is lifting off from the $80 mark or the 38.20% Fib level.
With a quick V-shaped reversal, Litecoin shows a tweezer bottom reversal, leading to a 22% rise in a week. This leads the altcoin trading price to $96.22, just 4 points short of the $100 mark. With this, the intraday candle shows a higher price rejection, reflecting an ongoing brawl at $100.
Further, with the 106% rise in the intraday trading volume, the buyers actively support the bull run. Hence, the sideline traders anticipate a strong breakout rally once the LTC Price crosses the $100 mark.
Technical indicators:
RSI indicator: The bullish reversal in Litecoin led to a revival of relative strength, driving the daily RSI above the 50% line.
MACD Indicator: The MACD and signal lines reflect the rising demand, leading to a trend reversal with a positive crossover. Hence, the momentum indicators reflect a dominant side of bulls.
Will LTC Price Surpass $100?
Considering the overall recovery momentum increasing market-wide, the LTC price could easily exceed the $100 mark. However, the strong supply above the psychological mark warns of a quick reversal if the buyers slip under the solid footing.
Optimistically, the uptrend can hit $113 for a new peak formation and $130 beyond that. However, a retest of $100 breakout could delay the bullish targets.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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