- LTC price has surged more than 8% in the last 24 hours.
- Social indicators and indicators looked optimistic.
Litecoin (LTC) In terms of price action, there has been an impressive performance over the last 24 hours. This happened at a time when the price of the coin was about to break through a major resistance area. Does this mean LTC will soon hit an all-time high?
Litecoin on a spaceship?
According to the latest data, the price of LTC was sitting at the key resistance level of $78. A break above this level would indicate a bullish rally. Fortunately, LTC has surpassed that level, with its price rising by more than 8% in the last 24 hours alone.
According to CoinMarketCap, at the time of this writing, Litecoin was trading at $90.36, with a market capitalization of over $6.7 billion. The recent price rise has also had a positive impact on the coin’s social metrics.
For example, social volume has increased dramatically, reflecting its popularity in the cryptocurrency space. Weighted sentiments also entered positive territory. This means that bullish sentiment towards the coin has increased recently.
Source: Santiment
Litecoin may soon reach $100
Since Litecoin has surpassed $90 and even broken resistance, investors can expect LTC to reach $100 soon. AMBCrypto therefore planned to closely examine the state of LTC to understand whether such an outcome was likely to occur.
Analysis of Glassnode’s data revealed an interesting episode. We have confirmed the risks of holding Litecoin. For initiators, reserve risk is defined as the price/HODL bank and is used to assess the confidence of long-term holders relative to the price of the underlying coin at a specific point in time.
At press time, LTC’s reserve risk was low and could reach ATH following a bullish rally in 2015. If history repeats itself, investors may soon see LTC reach the $100 level.
Source: Glassnode
Considering the unpredictable nature of the cryptocurrency market, AMBCrypto looked at the daily charts of LTC to better understand whether LTC reaching $100 is a viable possibility. Technical indicator MACD has shown a huge bullish lead in the market.
read Litecoin (LTC) Price Prediction 2024-25
Litecoin’s Chaikin Money Flow (CMF) has also recorded a sharp rise, indicating that continued price rise is highly likely.
However, the Relative Strength Index (RSI) was weak as it was in an overbought zone, which could increase selling pressure in the future.
Source: TradingView