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Litecoin ($LTC) is one of the top performing cryptocurrencies in the market today. The altcoin, which traded at lows of $78 on March 20, broke past the $100 mark to reach its highest level since early July 2023.
$LTC price jumped nearly 16% on Friday, March 29 to hit highs of $110, a nine-month high.
Litecoin top performing altcoin in top 20
While Litecoin has pared some of the gains to currently change hands around $104, its still one of the best performers in the past 24 hours.
According to data from CoinGecko, Litecoin’s 24-hour gains are in the double-digits at 12% as of March 30 at 8:40 am UTC.
The next best-performing in the top 20 cryptocurrencies by market cap are Solana, Bitcoin Cash and Toncoin, with about 5% gains each in 24 hours.
In the top 100 coins by market cap, only meme coin sensation dogwifhat with 25% and DEX platform Jupiter with 18%, are performing better than Litecoin.
Bitcoin and Ethereum still hover around $70,000 and $3,500 respectively, largely flat on the day.
What’s driving the $LTC price higher?
Litecoin has sprung into action in the past week. However, there’s been an uptrend formed since a local bottom in September last year. The year-to-date rally for $BTC helped the upside momentum that pushed $LTC closer to the psychological level at $100.
In the past week, a fresh spark has come in the form of positive sentiment around Litecoin.
First, crypto exchange Coinbase announced plans to list $LTC futures trading on April 1. Market reaction included an upward flip from lows of $77 to highs of $98.
On March 26, the CFTC filed a regulatory complaint against crypto exchange KuCoin. It included comments about Litecoin being a commodity alongside Ethereum.
It’s an outlook that has opened further speculation on potential Litecoin spot ETFs. The latest $LTC price surge follows these developments.
Anticipation around Bitcoin halving is also a huge factor as investors eye a $BTC breakout. Litecoin has seen a spike in new wallets as investors load up on $LTC ahead of this event.
$LTC price outlook
Litecoin’s bullish flip in the past week has formed a cup and handle pattern. If bulls hold prices above the $100, its possible they could extend gains to $120 and target $150.
The immediate hurdle from current price level is horizontal resistance at $115. And crypto analyst Rekt Capital says a monthly close above $122 will be key to upside sucess.
A rejection and $LTC could drop to $95 and then $78. The daily RSI above the 50 point line and suggesting upward continuation and MACD showing strength could aid this positive forecast.
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