Can Litecoin Hit $80 After Overcoming Key Resistance?
Date
1/20/2024 3:21:42 PM
(MENAFN- eTrendy Stock)
Litecoin (LTC) has demonstrated notable strength, securing a position as one of the market's best-performing altcoins.
Despite losing its dominance and dropping out of the top 10 CryptoCurrencies due to the emergence of new contenders, Litecoin faced disappointment following its halving in August last year, failing to generate the anticipated bullish price growth.
Litecoin Trading Volume Spikes by $300M
With a more than 5% surge in the last 24 hours, reaching $71.21, the Cryptocurrency has successfully recovered from recent losses, posting a 1.78% increase over the past month.
LTCUSD 1-Day Chart
Since August, Litecoin has struggled to surpass the $90 price mark, but recent developments indicate a positive shift. While the current outlook might not match previous highs, LTC has rebounded from its lowest point, reaching $58.8.
The successful flip of the $70 resistance zone and its conversion into support signals LTC traders' determination to establish a new bullish momentum . The cryptocurrency is holding firm at this level, raising the possibility of an upswing towards the next significant resistance at $80.
Despite facing competition from newer protocols like Solana (SOL) and Avalanche (AVAX), Litecoin maintains its appeal as a viable alternative to Bitcoin (BTC) for value transfer.
The protocol is achieving new milestones, serving as a faster and more cost-effective payment method, contributing to a surge in active addresses. As the LTC halving occurred in Aug. 2023, the hash rate touched the bottom of 690T, before posing an all-time high hash rate of 935T.
Recent reports indicate a substantial increase in Litecoin's trading volume , with an additional $300 million processed in the past 24 hours. The surge in volume is attributed to significant purchases from large accounts, commonly known as whales in the cryptocurrency community.
MENAFN20012024007158015398ID1107745895
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.