- Litecoin price gained about 6.2 percent in the last 24 hours to trade slightly above $70 on Tuesday with a notable spike in daily traded volume to about $600 million.
- After consolidating between $60 and $67 since its recent halving in early August, Litecoin price is likely to revisit the logarithmic falling macro resistance and possible breakout like Bitcoin.
Litecoin (LTC), one of the oldest digital assets that is still secured using the proof-of-work (PoW) consensus, has been gaining bullish momentum in the past six days amid the Bitcoin breakout above the former resistance zone between $31k and $32k. Litecoin’s daily Relative Strength Indicator (RSI) hovered around 68 on Tuesday, following a strong bullish divergence that has formed in the past few weeks.
Trading around $70 on Tuesday, Litecoin price had gained about 14 percent in the past five days according to market data provided through TradingView. Having retracted from a 24-hour high of around $72.50, Litecoin’s price was retesting the support level of around $70 in preparation for further liftoff towards reclaiming $80.
Why Litecoin is Ready for Further Liftoff
Litecoin price has been bleeding against Bitcoin for the past decade and an imminent reversal seems around the corner. From a technical perspective, Litecoin’s price against Bitcoin is currently retesting a crucial support level of around 0.002, and a short squeeze could yield a notable rise towards 0.005.
Moreover, the Litecoin network is supported by a vibrant ecosystem of miners and holders amounting to over 10 million non-zero addresses.
As of Tuesday, the Litecoin network had a total hash rate of around 817 TH/s with a total difficulty of around 28 million compared to the Bitcoin network which had a hash rate of around 471 EH/s and a mining difficulty of about 61 trillion.
$LTCBTC looks ready to reverse. LTC USD can fly to $180. pic.twitter.com/H3AWusq3aJ
— Shan Belew 鈸傦笍馃暩 (@MASTERBTCLTC) October 24, 2023
Notably, the Litecoin Foundation has been pushing for global enterprises to adopt LTC as a form of payment, which is mutually beneficial. Moreover, the Litecoin network has deep liquidity supported by institutional investors tapping on its scarcity and high throughput.
Nonetheless, the Litecoin network has been left behind in the smart contract industry which has helped most layer one blockchains widen their global market.
In a bid to keep the community engaged, the Litecoin Foundation announced on Monday that it had collaborated with Ballet Crypto, a reputable crypto wallet with cold storage facilities, to produce 0.999 fine silver 50-gram cards that hold an entire block reward of about 6.25 LTC that were mined by Litecoin Pool organization, one of the leading Litecoin miner with notable hash rate.
The @LTCFoundation & @BalletCrypto have produced .999 fine Silver 50 gram cards holding an entire Litecoin block reward (6.25 $LTC mined straight to the card by @ltcpool!
Standard collectible cards for $840 and Limited edition @SatoshiLite signed cards!
馃憠https://t.co/pPr3cXjGeJ pic.twitter.com/KuhOK13rQL— Litecoin Foundation 鈿★笍 (@LTCFoundation) October 22, 2023
Future Glimpse
The Litecoin ecosystem has been accumulating bullish momentum since 2017, as the altcoin has been consolidating in an almost symmetrical triangle that is fast approaching the apex. During the macro consolidation period, the Litecoin network has gone through two halvings but the price has not rallied significantly.
As a result, Litecoin price is expected to surpass its prior ATH of around $410 easily during the next major crypto bull rally that is anticipated to be triggered by the fourth Bitcoin halving in April next year and an imminent spot ETF approval in the United States.
