Over the past 24 hours, Litecoin [LTC] emerged as one of the top performers, outperforming all cryptocurrencies in the top 100 by market capitalization, except Conflux [CFX], to secure the second position among gainers.
While many other cryptocurrencies saw minimal changes, Litecoin demonstrated its resilience, highlighting its potential to the market. In 2021, LTC reached a peak of over $400, showcasing its capability to compete with major players like Bitcoin [BTC] and Ethereum [ETH].
As per the latest data from CoinMarketCap, LTC has experienced a gain of over 2%, outshining other large-cap coins that have been facing challenges. This surge indicates Litecoin’s growing momentum amidst the sluggish overall market conditions.
The trading volume of LTC surged by more than 17% in the last 24 hours, leading to a 4.25% increase in the volume-to-market cap ratio. This spike in trading activity has enhanced the liquidity required to support further price movements.
With such strong performance, Litecoin is now positioned favorably to target higher price levels, with many traders setting their sights on the $80 mark. The question remains: is achieving this target feasible?
Observing Trendline Patterns & Making Predictions
Following Litecoin’s recent upswing, its price movement indicates a clear bullish momentum. Since the market crash on August 5th, LTC has adhered to an ascending trendline, mirroring the recovery pattern seen in other cryptos post that event.
Over the past four days, Litecoin has sustained its upward trend, suggesting that it might be among the top performers in the final quarter (Q4) of the year.
Traditionally, Q4 has been a bullish period for the broader crypto market, subject to the unpredictable nature of financial markets.
Various indicators also support a potential upward movement. The MACD’s golden cross points towards a likely bullish trend, coupled with a drop in seller volume and bullish sentiment taking charge of the market.
Furthermore, the CMF showing positive values indicates an influx of money into Litecoin, further bolstering the case for a potential bullish surge.
However, for LTC to sustain this momentum, it must surpass and hold above the $70 mark. Achieving this could make hitting the $80 target increasingly probable, representing a potential surge of 22% from its current value.
Litecoin’s Dominance in Payment Transactions
Examining additional metrics, LTC’s dominance in cryptocurrency payments on BitPay continues to be a significant driver for its growth.
Based on BitPay’s latest stats for September, LTC remains the most utilized cryptocurrency for transactions, accounting for over 37% of all crypto payments on the platform. This share is more than 12% higher than that of BTC, the second most used crypto.
Throughout the year, Litecoin has maintained this leading position, surpassing even Ethereum (ETH) and Bitcoin Cash (BCH).
Reflecting on LTC & BTC Halving Trends
Lastly, there is a historical precedent highlighting Litecoin’s performance, particularly concerning the relationship between LTC and BTC halving events.
In the past, Litecoin’s halving has typically occurred around eight months prior to Bitcoin’s halving, and both cryptocurrencies have witnessed price surges in the months leading up to and following these events.
If this historical pattern persists, LTC could potentially see a bullish phase in Q4, further reinforcing the possibility of reaching the $80 level if overall market conditions continue to improve.