The post Litecoin (LTC) Price on the Cusp of 200% Rally Towards ATH After 5 Years of Consolidation appeared first on Coinpedia Fintech News

Amid the heightened cash inflow to crypto investment products, Litecoin (LTC), a veteran altcoin that was hard forked from Bitcoin (BTC) has registered bullish sentiment. According to market data from TradingView, LTC price jumped more than 33 percent last week to trade around $90 on Monday during the early London session. 

As a result, LTC’s price aims to break through the resistance level of around $104, established during the third halving in August last year. Furthermore, the weekly Relative Strength Index (RSI) has rallied above the 50 level for the first time since August last year.

Litecoin (LTC) Price Action

According to a renowned crypto analyst alias Captain Faibik on the X platform, LTC price will rally towards $250 in the coming weeks. Moreover, the majority of the altcoins have been following the footsteps of Bitcoin in rallying above the 0.618 weekly auto Fibonacci Retracement before the upcoming halving. 

If the LTC price mirrors that of Bitcoin in the coming months, the altcoin will comfortably revisit the May 2021 high. However, LTC bulls must convert the resistance range between $104 and $115 into solid support levels to enjoy robust bullish performance.

Litecoin Ecosystem Signals Bullish Outlook

The Litecoin network has accumulated notable positive fundamentals in the past six years despite its macro triangular consolidation. According to on-chain data, the Litecoin network has more than 8.8 million holders who have facilitated over 230 million transactions. 

Worth noting that the Litecoin network has undergone two halvings, which have dramatically reduced the annual inflation significantly, but remained trapped in a horizontal consolidation pattern. Consequently, experts are confident LTC price will rally beyond its ATH in a parabolic move in the coming quarters.

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Filed under: Bitcoin - @ March 4, 2024 10:19 am