Litecoin prices surge by 8% – Is $100 the next target of LTC bulls?  



  • LTC’s price surged by over 8% in the last 24 hours.
  • Social metrics and indicators looked bullish.

Litecoin [LTC] has showcased impressive performance in the last 24 hours in terms of its price action. This happened at a time when the coin’s price was also about to break past a key resistance zone. Does this mean LTC will hit an all-time high soon? 

Litecoin in a spaceship?

As per the latest data, LTC’s price was sitting at a key resistance level of $78. A break above that level would mean a bull rally. Thankfully, LTC did manage to go above that mark, as its price rallied by more than 8% in the last 24 hours alone.

According to CoinMarketCap, at the time of writing, Litecoin was trading at $90.36 with a market capitalization of over $6.7 billion. The recent price uptick also had a positive impact on the coin’s social metrics.

For example, its social volume spiked sharply, reflecting its popularity in the crypto space. Additionally, its weighted sentiment also went into the positive zone, meaning that bullish sentiment around the coin increased in the recent past. 

Source: Santiment

Litecoin might soon reach $100

Since Litecoin surpassed the $90 mark and even managed to break its resistance, investors might expect LTC to touch $100 soon. Therefore, AMBCrypto planned to take a closer look at LTC’s state to understand whether that outcome is likely to happen. 

Our analysis of Glassnode’s data pointed out an interesting episode. We checked Litecoin’s reserve risk. For initiators, Reserve Risk is defined as price / HODL Bank and is used to assess the confidence of long-term holders relative to the price of the native coin at any given point in time.

At press time, LTC’s reserve risk was low and at a level that was followed by a bull rally back in 2015, allowing it to reach an ATH. If history repeats itself, then investors might soon witness LTC touching the $100 mark. 

glassnode studio litecoin reserve risk.png

Source: Glassnode

Considering the unpredictable nature of the crypto market, AMBCrypto then took a look at LTC’s daily chart to better understand whether LTC touching $100 is a viable possibility. The technical indicator MACD displayed a massive bullish advantage in the market. 


Read Litecoin’s [LTC] Price Prediction 2024-25


Litecoin’s Chaikin Money Flow (CMF) also registered a sharp uptick, indicating that the chances of a continued price uptick were high.

However, the Relative Strength Index (RSI) looked bearish as it was in the overbought zone, which can result in high selling pressure in the coming days. 

LTCUSDT 2024 03 02 10 42 46.png

Source: TradingView

 

Next: On-chain Data Review: February performance of leading PoW coins





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