Litecoin Price Targets $100 as On-Chain Volume Reaches 16-Month Peak

According to Santiment data, the Litecoin on-chain transaction volume soared to nearly $4 billion in a single day—the highest level in 16 months.

Litecoin price encountered a 3% surge on Saturday, reaching $75.3 in the cryptocurrency market. This bullish trajectory is fueled by a surge in on-chain activity and a breakout from a key price level.

The LTC price builds momentum for a $100 comeback, but will sellers counterattack?

Litecoin Price Targets $100 as On-Chain Volume Reaches 16-Month Peak

A closer look at Santiment data reveals that Litecoin on-chain transaction volume soared to nearly $4 billion in a single day, marking the highest level in 16 months. This surge in transaction volume, coupled with price recovery, suggests a strong presence of buyers to drive a higher rally.

Moreover, the surging on-chain activity signals a growing appeal for Litecoin among investors as the broader market conditions rebound.

According to the data, Litecoin now comprises 1.08% of all crypto-related discussions, showcasing a surge in social dominance. This heightened on-chain activity could be attributed to the growing anticipation for LTC's halving event.

Highest on-chain transaction volume in 16 months!

Nearly $4 Billion in a single day!!! #Litecoin ⚡️ $LTC

Source: @santimentfeed pic.twitter.com/g28YwNu5M7

— Litecoin (@litecoin) October 18, 2024

The Litecoin price trades at $75.2 with a market cap of $5.6 billion at press time.

LTC Price 2.5% Away From a Major Breakout

The Litecoin price prediction has been trading sideways for the past four months, facing resistance at $77. An analysis of the daily chart shows this consolidation above the bottom support trendline of a long-coming triangle pattern.

This pattern typically forms during a prevailing trend, whether bullish or bearish, and serves as a continuation pattern. In the case of a bullish trend, the price tends to rebound within the two trend lines, leading to a breakout.

With the daily chart suggesting a bullish trend, this scenario seems plausible.

Amid Canary Capital's filing for an LTC ETF, the coin price encountered a 21.5% surge over the past two weeks. A bullish recovery backed by a strong bid at a key price level indicates a higher potential to breach the overhead resistance.

A successful flip of this resistance into support will bolster a 34% rally to challenge the triangle resistance trendline at $103.

The Litecoin price trading above the daily EMA (20, 50, 100, and 200) recuperates the bullish narrative in LTC’s mid-term term.

On the downside, a failure of the LTC price to break the $77 breakout could lead to a delay in the bullish thesis and a prolonged consolidation phase.

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