Various Bullish Metrics Align for Litecoin (LTC) Price Pump: Only One Resistance Remains
- Linda HamiltonOriginal
- 2024-11-19 10:12:17308browse
The Litecoin ecosystem is displaying multiple bullish indicators that suggest potential price momentum. The Litecoin Foundation highlighted a network achievement, with 84 million transactions completed in 2024 – already 17 million more than the entire previous year, signaling unprecedented network activity.
Litecoin (LTC) price appears to be gearing up for a potential breakout as several bullish metrics align. The Litecoin Foundation recently announced that the network has already processed 84 million transactions in 2024, which is 17 million more than the entire previous year. This achievement highlights the increasing network activity and usage.
Moreover, one crypto analyst has noted that Litecoin has reached a new all-time high hashrate, indicating maximum network security. At the same time, miner reserves have dropped to an all-time low, which could be a bullish development.
LTC price must now break out of a triangle pattern to rally
A glance at Litecoin’s price chart reveals that LTC has been trading within a tightening triangle pattern since 2022. The price is currently approaching the upper boundary of this triangle, and a breakout could trigger a significant rally.
Both the 50-day and 200-day moving averages are positioned below the current price, reinforcing the short- and long-term bullish prospects.
However, it is important to note that the Relative Strength Index (RSI) is currently at 65, indicating that the asset might be overbought. This could lead to some price increases before a potential retracement. Traders are advised to monitor the critical resistance levels closely.
The market now awaits a decisive breakout from the triangle pattern, which could pave the way for Litecoin’s next substantial price move.
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