Litecoin shows bullish potential, targeting $80 with strong momentum and market support.
- As at press time, Litecoin was among top gainers in the last 24 hours. LTC respecting trendline as it dominates payments by cryptocurrencies.
Litecoin [LTC] was one of the best-performing coins in the last 24 hours, surpassing all top 100 cryptos by market cap, except Conflux [CFX] to secure second spot among gainers.
Despite other cryptos experiencing modest change, Litecoin has shown strength, reminding the market of its potential. Once hitting a peak of over $400 in 2021, LTC demonstrated its ability to perform at the top level like Bitcoin [BTC] and Ethereum [ETH].
As of press time, LTC had gained over 2%, as reported by CoinMarketCap, while other large-cap coins struggled. This signals Litecoin’s growing momentum amid otherwise sluggish market conditions.
Source: CoinMarketCap
The trading volume for LTC surged by over 17% in the past 24 hours, which in turn boosted the volume-to-market cap ratio by 4.25%. This uptick in trading activity provides the necessary liquidity to fuel further price action.
With such performance, Litecoin is now well-positioned to aim for higher price levels, with many traders eyeing the $80 target but is it possible?
Trendline respect & prediction
Following Litecoin’s recent gains, its price action shows clear signs of bullish momentum. The crypto has respected an ascending trendline since the market crash on August 5th, following a pattern similar to other coins that have rebounded since that period.
Over the last four days, LTC has maintained its upward trajectory, signaling that it could be one of the standout performers during this last quarter (Q4).
Historically, Q4 has often been bullish for the broader crypto market, but subject to the unpredictable nature of financial markets.
Source: TradingView
Indicators also supporting a continued upward movement. The MACD’s golden cross, signals a potential bullish momentum. Meanwhile, seller volume is decreasing, and bullish traders are taking control of the market.
Additionally, the CMF is reading positive values, indicating that money is flowing into Litecoin, further supporting the possibility of a bullish run.
However, LTC must break and hold above $70 to maintain this momentum. If it can, reaching the $80 target becomes increasingly likely, representing a potential 22% surge from its current price.
Litecoin dominates payment
Looking at additional metrics, LTC’s dominance in cryptocurrency payments on BitPay continues to be a driving force.
According to the latest September stats from BitPay, LTC remains the most used crypto for transactions, commanding over 37% of all crypto payments on the platform. This is more than 12% ahead of BTC, which holds the second spot.
Litecoin has maintained this top position throughout the year, surpassing even Ethereum (ETH) and Bitcoin Cash (BCH).
Source: X
LTC & BTC halving history
Lastly, there is historical precedent for Litecoin’s performance, particularly concerning the relationship between LTC and BTC halving events.
Historically, Litecoin’s halving occurs approximately eight months before Bitcoin’s, and both cryptos tend to rise in the months leading up to and following these events.
Source: TradingView
If this pattern holds true, LTC could experience a bullish run during Q4, which would add more confluence to the likelihood of reclaiming the $80 level if broader market conditions continue to improve.
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