As a seasoned researcher with years of experience in the tumultuous world of cryptocurrencies, I’ve seen my fair share of market highs and lows. The recent surge in Litecoin price to $82.69, followed by a pullback, is a familiar dance that we’ve all grown accustomed to. However, the question on everyone’s mind is whether LTC can reach $100.
On Tuesday, November 12, the value of Litecoin climbed to $82.69 as the ongoing crypto market boom persisted. However, it later retreated and was currently trading at approximately $76 during the press time, pausing after its recent upward trend. This article sheds light on the potential events that could propel the LTC price to reach $100.
Litecoin Price Needs To Flip Key Resistance To Hit $100
Litecoin, similar to many other cryptocurrencies, has experienced a significant increase in the past few months. Its value dropped to approximately $50 in July, but it currently stands above $76. The primary reason for this rise is largely attributed to Donald Trump’s recent victory and the ongoing reduction of interest rates by influential central banks such as the Federal Reserve, Bank of England, and European Central Bank.
The price of Litecoin has encountered robust resistance at approximately $82.68, aligning with the upper boundary of its ascending channel. Simultaneously, it has created a bearish engulfing formation. This phenomenon occurs when a large red candlestick emerges and totally envelops a previous green one.
If the LTC price closes the day at or below $74.5, which is the bottom of the candlestick from Monday, then we can expect that the bearish engulfing pattern will be validated. In such a case, it’s probable that the coin’s value will keep declining, with a potential next support level at $68.66 – the lower boundary of the channel.
To reach a Litecoin price of $100, which represents a 33% increase from its current value, it’s essential for the price to surpass Tuesday’s peak of $82.70 first. This significant level aligns with the upper boundary of the ascending channel as well.
As an analyst, I’m observing that the intersection of the 50-day and 200-day moving averages, often referred to as a ‘golden cross’, is a significant technical indicator for Bitcoin‘s future price movement. Moreover, if Bitcoin manages to surpass the $90,000 mark again, it could potentially trigger further gains in the altcoin market.
LTC Price Has More Catalysts
As a crypto investor, I’m excited to see that the price of LTC has potential catalysts that could propel it upward in the short term. According to IntoTheBlock, the holdings by short-term investors have been on the rise, increasing by more than 31% over the last month. Historically, such upticks are often viewed positively and tend to occur before a significant bull run.
The computing power used by Litecoin’s mining network, known as the hash rate, has reached a new high of 1.38 Petahash per second (PH/s), the highest it’s been since November 8. Additionally, the mining difficulty for Litecoin has increased to a record-breaking 46.5 million, indicating that it’s become more challenging to mine Litecoin.
As a crypto investor, I’ve noticed from the data provided by Litecoin developers that Litecoin (LTC) has been leading the pack when it comes to cryptocurrency transactions, with an impressive 33% market share. Bitcoin and Ethereum follow closely behind with shares of 27% and 11%, respectively. This suggests a growing preference for LTC as a medium of exchange in the crypto world.
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2024-11-12 19:52