Litecoin (LTC), the 19th largest crypto globally by market cap, has seen a surge in price. With the rise, the market cap reached the $4.9 Billion mark.
Its spot trading volume of the past 24 hours showcased 40% growth, signifying growing activity, which amounted to $410.08 Million. The Volume/ market cap of 24 hours displayed increased liquidity, and the ratio reached 8.09%.
Interesting times, over at @Grayscale $LTCN#IYKYK #Litecoin ⚡️ $LTC #WednesdayWisdom pic.twitter.com/5xGU6vC1TV
— Litecoin (@litecoin) August 14, 2024
Litecoin recently showcased growth in Grayscale Investments Holdings, with a high of 1.84 Million. The heightened interest in Grayscale has influenced the interests of many, and its price is evidence of its influential surge.
Additionally, per the on-chain research website IXFI, the active addresses in Litecoin have surged from 327.72K to 434.75K in a single day. This signifies increasing trading and investing activities in the asset.
Is LTC Poised For a 4x Run Before 2024 End?
Litecoin has built a descending triangle, precisely a bullish pattern on the weekly chart. The resistance was present from 2021, as illustrated on the chart via an orange trendline facing downward. The support of the $50 level showcased its presence from 2018.
LTC was in a downtrend. After the big move in 2021, it marked the $413.91 high, and the downtrend hit hard. From 2022, the bearish trend was confirmed as price activity was under 50-period EMA and 200-period EMA bands on the weekly chart.
LTC 1.W. | Source: TradingView
Over the weekly built structure, long-term targets can be achieved. This can happen if a breakout prevails after the successful change of character (CHoCH) of the $109 level.
Based on the Fibonacci retracement tool, the targets could be at $210, $280, and $360, respectively.
Where is LTC Headed in the Short-Term?
Over the daily chart, the price has built a yearly high of $112 by April 1st, 2024. The price of LTC fell, which formed a support this month at a historically proven support zone of $50. It dipped as low as $49.90 by August 5th.
In the last two weeks, processed LTC prices have increased by more than 32%. It traded at $65.48, with intraday growth of nearly 4%. The price has launched a projectile toward the long-coming down dynamic trendline and seems poised to pierce the EMA bands from below.
Similarly, as observed by other oscillators on the daily chart, it’s evident that the price seeks more growth. MACD showed a bullish cross, where the histogram was at 0.71, and the RSI curve took support on 14-SMA at 50.98.
In the daily chart, confirmation could be achieved for further propulsion in price. This is based on the sustenance developed above the CHoCH level of $74.
Over the daily structure, short-term targets can be achieved if a breakout prevails. Based on the Fibonacci retracement tool, the targets could be $115, $145, and $176, respectively.