Litecoin (LTC) has seen little price progress over the previous 12 months, rising simply 5%, whereas Bitcoin surged by 139% in the identical interval. Litecoin’s market cap has additionally taken a success, dropping 30% to $4.3 billion. This places it behind Bitcoin Money (BCH) and Dogecoin (DOGE).

Nevertheless, Litecoin’s price elevated modestly by 3.8% over the previous week, rising to $67.71, reflecting a market restoration triggered by the Federal Reserve’s rate of interest reductions.

Litecoin’s Function in Excessive-Worth Transactions Stays Robust

In line with IntoTheBlock, Litecoin processed $21.82 billion in transactions over $100,000 previously seven days. This exercise makes up greater than half of its market cap, highlighting its continued significance for main transactions regardless of current price struggles.

Person engagement stays regular, with 368,000 every day energetic customers, and Santiment knowledge exhibits over 8.08 million non-empty wallets, reflecting continued curiosity within the token. Nevertheless, solely 27% of holders are at the moment making a revenue on the present price, whereas 67% are within the crimson, which can clarify the cautious market sentiment.

Nevertheless, Litecoin’s buying and selling quantity has seen a notable decline. As of Sept. 23, the actual buying and selling quantity had dropped to $500 million, a lower from the $4.97 billion recorded in April, suggesting decreased short-term exercise available in the market.

Will The Token Break Out?

As of Sept. 26, 2024, Litecoin is buying and selling at $67.20. It has been caught in a descending channel since March, but it surely seems prefer it may lastly be breaking out.

On the every day chart, Litecoin’s price stays inside a slender vary between the 0.618 Fibonacci retracement degree at $69.23 and the assist degree at $65.36. The 50-day and 200-day exponential shifting averages (EMAs) have converged close to $65.31 and $71.52, marking a possible inflection level if the price strikes past these ranges.

On the every day chart, the price is shifting between the 0.618 Fibonacci degree at $69.23 and assist at $65.36, conserving it in a good vary. The 50-day and 200-day EMAs have converged round $65.31 and $71.52, signaling a key space to look at.

If Litecoin strikes above the 200-day EMA, it may goal the $80.06 degree. However a drop beneath $65.36 might carry extra promoting, with assist at $55.73.

The Relative Energy Index (RSI) is at the moment at 57.52, suggesting that there’s room for additional upward motion earlier than reaching overbought ranges.

Crypto analyst The Psychological Dealer shared his tackle Litecoin’s price. He famous that the price is nearing a serious weekly trendline. If it holds, he sees an opportunity to purchase, aiming for a variety of $300 to $377. Nevertheless, he warned that breaking the trendline may set off a drop, with targets between $22 and $19.

The street to $300 relies on whether or not Litecoin can break via resistance ranges and keep upward momentum. Whereas it’s a troublesome goal, it’s nonetheless attainable if market circumstances align.