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Litecoin (LTC) has broken past $70 and is now eyeing $100 as its on-chain transaction volume surges to nearly $4 billion.
With Bitcoin crossing about $68,000 momentarily today, Litecoin is gaining momentum. While the BTC price has jumped 12% in the past seven days, Litecoin has increased by 10.64%.
With a market cap of $5.40 billion, Litecoin is currently trading at $71.98. As it capitalizes on additional momentum in the crypto market, it is targeting a bullish trend toward the $100 psychological mark.
Litecoin Breakout Rally Surpasses $70
The daily chart illustrates the LTC price trend, showcasing a long-awaited breakout above a resistance trendline. Following a bullish reversal from the $56 mark, the breakout rally is forming a rising channel pattern.
Currently, Litecoin is challenging the overhead resistance trendline and has surpassed the 38.20% Fibonacci level at $72.26. Although there was a failed attempt to break through the overhead trendline, the higher position in the intraday candle reflects an intraday pullback of 1.03%.
Nevertheless, the bullish trend has surpassed the crucial exponential moving average lines of 20, 50, 100, and 200. Additionally, the MACD and signal line maintain a positive alignment, supported by an increase in positive histograms.
Litecoin Registers Nearly $4B in On-chain Volume
In a recent tweet discussing Litecoin’s bullish trend, Santiment highlighted a mini-run. Litecoin briefly jumped above the $73 mark for the first time since July, indicating a medium-term breakout rally.
The on-chain volume for Litecoin registered at $3.97 billion, the highest since June 3, 2023. Of all crypto discussions, those related to Litecoin accounted for 1.08%, the highest since April 1, 2024. Santiment also noted the growing retail interest in Litecoin, driven by ongoing developments and initiatives from the Litecoin team.
Will Litecoin Reach $100?
For a continuation of the bullish trend, Litecoin must surpass the overhead resistance trendline and the 38.20% Fibonacci level at $72.26. A successful breakout rally could see the next potential price target near the 61.80% level around the $85 mark.
Furthermore, trendline breakouts generally lead to a complete reversal to the trendline’s peak. This could result in a price jump above the $100 psychological mark to challenge the $109 peak.
Conversely, a bearish reversal within the channel will likely test the $65 mark.