Home CryptoCurrency News Litecoin hints at 29% growth; Golden opportunity in offing

Litecoin [LTC] hints at 29% growth; Golden opportunity in offing

As Bitcoin [BTC] went on to smash past $68.5K in the wee hours of November 11th, Litecoin [LTC] also followed suit. As a matter of fact, the silver crypto posted almost 6-months high.

Litecoin’s uptrend has been slow. For most of the second and third quarter, the crypto-asset was stuck below $240 after the mid-May crash. Uptrend attempts faced significant resistace at a little over $200. However, the renewed market momentum managed to catapult LTC from the lows.

There’s a high chance that Litecoin might pull off a vertical rally. 

Litecoin’s [LTC] “Golden Opportunity”

Litecoin [LTC] hints at 29% growth; Golden opportunity in offing

The moving averages aligned with the bulls. The 200 DMA [Yellow] poised for a golden cross with the 50 DMA [Pink] as well as bullish crossover with the 100 DMA. Meaning, the sporadic rise is backed by promising technicals. The ongoing uptrend has found significant backing from the trading volume as well.

The diverging Bollinger Bands [BB] also depicted an increase in volatility which can turn the tide to the bulls’ advantage, depicting that an extension to the current upswing is likely. Awesome Oscillator’s [AO] closing green lines further validated the bullish thesis. In addition to that, the daily Relative Strength Index [RSI] pierced through the overbought territory indicating an intense buying pressure in the market.

Litecoin [LTC] hints at 29% growth; Golden opportunity in offing

There is little resistance between the current price level to Litecoin’s immediate target point of $294. If the asset manages to retain the bullish momentum, a 29% ascent and a subsequent breach of this level may transpire soon.

What’s fueling LTC’s rally?

A major important catalyst that needs attention is the increased on-chain activity after the release of the Litecoin debit card. Earlier, the Bitcoin service provider BitPay, and Verifone had announced a partnership to foster the adoption of digital payments with the help of Litecoin. As a result, not only did the asset’s on-chain activity explode, it also hit more than 50 million merchants across the world.

A little blast from the past: Litecoin saw a major shift in its price movement after the halving event in 2019. As the hash rate declined, the price went on to hit new lows. The bull run in the first half of 2021 did catalyze an uptrend for LTC, the asset, however, failed to hang on to it. But the latest rise comes amidst an aextended rally by the flagship cryptocurrency Bitcoin.

It is also important to note that LTC’s weekly price movement has a strong resemblance to the accumulation period of the third quarter of 2017. Taking into account the current existing bullish pressure, a 2017-style rally could potentially push the asset upwards near its all-time highs [ATH].

Chayanika
Chayanika has been working as a financial journalist in the cryptocurrency and blockchain industry for almost three years. She has closely followed the growth and adoption of the sector since 2018. Her inclination lies in writing impactful, data-driven stories.
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