The News Crypto -
- Litecoin (LTC) has broken free from a six-year consolidation, signaling the start of a new bullish cycle.
- Currently, Litecoin is aiming to surpass its last major resistance level at $112 and reclaim its all-time high.
- Technical analysis suggests that Litecoin has significant potential for growth in the mid-term, with a projected target of $134.
Litecoin (LTC), the third-largest digital asset secured by the legacy proof-of-work (PoW) consensus mechanism, has finally broken free from a six-year-long macro-consolidation, signaling the onset of a fresh bull cycle. With a fully diluted valuation of approximately $9 billion and more than 8.8 million non-zero addresses, the mid-cap altcoin closed March on an extremely bullish outlook.
Currently, Litecoin is attempting to break above the last major resistance level, around $112, with the goal of reclaiming its all-time high (ATH). This rally aligns with the general crypto bullish sentiment, led by Bitcoin (BTC), amid the tangible cash inflow from institutional investors.
$LTC Litecoin has Monthly Closed above the Downtrend It is confirmedThe Macro Downtrend has been broken for the first time since April 2021The Macro Downtrend is now officially over#LTC #Crypto #Litecoin https://t.co/yU7Gz7X1ck pic.twitter.com/ktgOYKTarz— Rekt Capital (@rektcapital) April 1, 2024
Litecoin Technical Analysis Confirms Bullish Sentiment
A closer look at Litecoin’s price action on the weekly timeline reveals that the cryptocurrency has effectively validated its breakout from a macro-falling logarithmic trend. Various indicators across higher time frames substantially fortify Litecoin’s bullish sentiment, providing further evidence of the altcoin’s potential for growth.
Moreover, in the monthly time frame, Litecoin’s price against the US dollar has closed above the 50 Moving Average (MA) for the first time since the third halving event in August last year. This breakthrough suggests that the altcoin is well-positioned for further upside movement in the coming months.
Mid-Term Price Targets and Potential Gains
If LTC sustains its bullish momentum in the coming weeks, predictions indicate a target of $134. This target represents a significant milestone for the altcoin, as it has spent a considerable amount of time consolidating beneath its 2017/2018 ATH.
However, it is important to note that the Litecoin network faces intense competition from other layer one blockchains, such as Solana (SOL) and Cardano (ADA), which have thrived in the web3 space over the past few years. As the cryptocurrency market continues to evolve and mature, Litecoin will need to demonstrate its unique value proposition and maintain its competitive edge to secure its position as a leading digital asset.