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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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