During a low volatility Saturday, the Litecoin price surged 3% to trade at $75.3. The bullish trajectory is likely fueled by on-chain recovery and a major breakout from price. Will the LTC Price build sufficient momentum for a $100 comeback, or are sellers ready to counterattack?
Litecoin Price Targets $100 as On-Chain Volume Reaches 16-Month Peak
According to Santiment data, the Litecoin on-chain transaction volume soared to nearly $4 billion in a single day—the highest level in 16 months. The surge in transaction volume, along with price recovery, signals buyers’ convocation to drive a higher rally,
One of the key drivers behind this surge is the growing discussion around Litecoin, which now accounts for 1.08% of all crypto-related discussions, a notable increase in social dominance. The heightened on-chain activity signals the growing appeal of Litecoin among investors as broader market conditions rebound.
Highest on-chain transaction volume in 16 months! Nearly $4 Billion in a single day!!! #Litecoin $LTC
Source: @santimentfeed pic.twitter.com/g28YwNu5M7
— Litecoin (@litecoin) October 18, 2024
By press time, the Litecoin price had traded at $75.2, while the market cap had boosted to $5.6 billion.
LTC Price 2.5% Away From Major Breakout
Over the past four months, the Litecoin price prediction has traded sideways, struggling to surpass $77 resistance. An analysis of the daily chart shows this consolidation hovers above the bottom support trendline of a long-coming triangle pattern.
Theoretically, the pattern drives a temporary consolidation for the prevailing trend to regain its momentum. With the chart pattern intact, the Litecoin price is poised to rebound within the two trend lines before offering a deceive breakout.
Amid the Canary Capital filing for an LTC ETF, the coin price rallied to $75.26, marking a 21.5% growth over the past two weeks. A bullish recovery backed by a notable spike indicates a higher potential to breach the overhead resistance of $77.
A successful flip of this resistance into support will bolster a 34% rally to challenge the triangle resistance trendline at $103.
The Litecoin price trading above the daily exponential moving average (20, 50, 100, and 200) recuperates the bullish narrative in LTC’s midterm term.
LTC/USDT -1d Chart
On the contrary, if the LTC price fails to break the $77 breakout, the sellers could delay the above bullish thesis and drive a prolonged consolidation.
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