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Litecoin (LTC) has showcased impressive performance in the last 24 hours as its price surged by over 8%.
This happened at a time when the coin’s price was also about to break past a key resistance zone. Does this mean LTC will hit an all-time high soon?
As per the latest data, the price of Litecoin (LTC) was sitting at a key resistance level of $78. A break above that level would mean a bull rally.
$LTC at resistance again. May 2024 will be ~36 months 🤣 (EMA 100). Also, if we [#Litecoin] break out from this, it’s crypto pumpstations…🚀 pic.twitter.com/m6cFnuRQZt
— Seán (@Sean0c3) February 29, 2024
Thankfully, LTC did manage to go above that mark, as its price rallied by more than 8% in the last 24 hours alone.
According to Coinstats, at the time of writing, Litecoin was trading at $90.36 with a market capitalization of over $6.7 billion.
The recent price uptick also had a positive impact on the coin’s social metrics.
See Also: Dogecoin (DOGE) Reaches Highest Price Since November 2022
For example, its social volume spiked sharply, reflecting its popularity in the crypto space.
Additionally, its weighted sentiment also went into the positive zone, meaning that bullish sentiment around the coin increased in the recent past.
Litecoin Might Soon Reach $100
Since Litecoin surpassed the $90 mark and even managed to break its resistance, investors might expect LTC to touch $100 soon.
Therefore, Bitcoinworld decided to take a closer look at LTC’s state to understand whether that outcome is likely to happen.
Our analysis of Glassnode’s data pointed out an interesting episode. We checked Litecoin’s reserve risk.
For initiators, Reserve Risk is defined as price / HODL Bank and is used to assess the confidence of long-term holders relative to the price of the native coin at any given point in time.
At press time, LTC’s reserve risk was low and at a level that was followed by a bull rally back in 2015, allowing it to reach an ATH.
If history repeats itself, then investors might soon witness LTC touching the $100 mark.
Considering the unpredictable nature of the crypto market, Bitcoinworld then took a look at LTC’s daily chart to better understand whether LTC touching $100 is a viable possibility.
The technical indicator MACD displayed a massive bullish advantage in the market.
Litecoin’s Chaikin Money Flow (CMF) also registered a sharp uptick, indicating that the chances of a continued price uptick were high.
However, the Relative Strength Index (RSI) looked bearish as it was in the overbought zone, which can result in high selling pressure in the coming days.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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