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- After a successful head and shoulder rebound and breakout in the past few weeks, Litecoin price is well positioned to reclaim $100 as a support level in the coming months in preparation for the parabolic rally.
- Litecoin bulls must flip several bearish indicators including RSI and a weekly death cross between the 50 and 200 Moving Averages to secure further uptrend in the near future.
Amid the ongoing altcoin breakout as Bitcoin (BTC) stalls below $37.5k, the third largest proof-of-work (PoW) secured blockchain, Litecoin (LTC) has been preparing for an imminent uptrend breakout after multi-year consolidation. Litecoin price is well bolstered by a robust network of miners, investors, and enterprises already accepting LTC for payments.
As of this report, the Litecoin network has about 10 million non-zero addresses that have facilitated over 186 million transactions since its inception. According to on-chain data, Litecoin whales have been heating up in the past few days, especially on transactions exceeding 10,000 LTC.
The rising on-chain activity for the Litecoin network is a major indicator that the bulls are preparing for more upside before the end of this year.
Closer Look at Litecoin Price Analysis
The Litecoin community has been getting stronger after identifying a potential macro pennant formation that will lead to an imminent bullish breakout. Moreover, the Litecoin network has been gaining trust among institutional investors as a better alternative digital asset with deep liquidity.
According to our latest market data, Litecoin price exchanged around $73.47, up approximately 19 percent in the past four weeks. From a technical standpoint, the recent Litecoin correction, after the third halving in early August, has been following a perfect weekly Fib Retracement having rebounded on the 56 percent and strongly held the 68 percent in the past few days.
With the next target being 77.63 on the weekly Fib Retracement, Litecoin price is likely to rally as high as $86, about 25 percent from the current levels before the bulls experience the next hurdle.
However, the Litecoin bulls must first flip the 50 weekly Relative Strength Index (RSI) into a support level after it was lost during the post-halving price correction. Additionally, the Litecoin bulls must flip the daily and weekly death cross between the 50 and 200 Moving Averages (MA) into golden crosses to secure a strong breakout in the coming months. Additionally, the Litecoin bulls have to rally beyond the falling logarithmic trendline that began in June 2021 and turn it into a support level for a sustainable uptrend.
Market Update
The Litecoin network faces notable competition from emerging altcoins including the smart contract-enabled blockchains and the meme coins that have been registering higher returns to risk ratio. As a result, the Litecoin developers must move quickly to enable smart contracts and multi-chain compatibility to ensure a sustainable future growth prospect.
Moreover, the Litecoin network has obtained investors‘ confidence as a credible alternative investment. Notably, Litecoin has a total market valuation of about $5.4 billion and an average 24-hour trading volume of approximately $534 million.
