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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.