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Will the surge in bullish momentum help Litecoin reclaim the $100 psychological mark?
With Bitcoin crossing the $67,000 mark, its close cousin Litecoin is making a bullish comeback. Amid this recovery, Bitcoin Cash has surpassed the $350 mark, while Litecoin targets $100.
Can Litecoin reach the $100 mark by the end of this month as the altcoin market heats up?
Litecoin Price Analysis
Litecoin has a market cap of $5.31 billion and is currently trading at a market price of $70.72. With a 5.56% surge in the last 24 hours, the LTC price has increased by 7.64% in the past seven days.
In the daily chart, the LTC price action reveals a trend reversal rally surpassing the falling channel pattern. Fueled by underlying demand and broader market recovery, it is forming a rising channel pattern despite increased volatility.
Fueled by the underlying demand and broader market recovery, firms have a rising channel pattern despite the increased volatility.
The current recovery run is challenging the overhead resistance trend line and the 38.20% Fibonacci level at $72.26. The bullish cycle, which has seen a price jump of 9.38% over the last two days, faces resistance at the 38.20% Fibonacci level and the overhead resistance trend line.
Will Litecoin Top $100?
As the dynamic resistance of the 200-day EMA keeps bullish growth in check, Litecoin struggles to maintain levels above $70. However, with improving market sentiment, the rising 50-day EMA hints at a potential golden crossover.
Additionally, the MACD and signal line have generated a bullish crossover, accompanied by a surge in positive histograms. According to Fibonacci levels, a breakout above the 38.20% level is likely to challenge the 61.80% level at $84.58.
In a bullish scenario, if Bitcoin reaches a new all-time high this month, Litecoin could surpass the $100 psychological mark, with $109.13 as a potential price target by the end of the month.
Notably, a major factor supporting further uptrend for Litcoin is the recent application for LTC ETF filed by asset manager Canary Capitals.
Litecoin (LTC) ETF Filed By Canary Capital.
Canary Capital filed an S-1 registration statement with the SEC for a Litecoin ETF, following XRP ETF filing.
— TheCryptoBasic (@thecryptobasic) October 16, 2024
Meanwhile, in the case of a bearish scenario, Litecoin investors may look at price levels of $65 and $60 for support.