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Litecoin: Can a sustained bull run push LTC toward $70?

2min Read

LTC’s metrics and price indicators revealed that the altcoin was witnessing a boost, not only in the price action but also in buying pressure. Will LTC make its way to $70?

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Will Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • LTC buyers registered gains of over 5% over the past day.
  • A spike in the 90d Mean Coin Age could produce a long-term bullish rally. 

Litecoin [LTC] broke out of a price slump with 5.2% gains over the past 24 hours. Previously LTC saw little price action between 13 October and 15 October, as sellers bidded to break below the $57 support level.


Read Litecoin’s [LTC] Price Prediction 2023-24


However, the rapid change in market sentiment with Bitcoin [BTC] climbing strongly above $27k allowed LTC buyers to rally. Can this pump produce a bullish breakout from LTC’s extended range formation?

Bulls show signs of life

Litecoin LTC price chart

Source: LTC/USDT on Trading View

The massive selling pressure on Litecoin had seen it trade close to a year-low over two months. With buyers finding temporary support at the $57 price level, recovery attempts have been quite muted, keeping LTC between $57 and $70.

Nevertheless, the rise in buying pressure as seen by the Relative Strength Index (RSI) climbing strongly above the neutral 50 could spur a sustained bullish rally. Furthermore, with LTC trading at $64, at press time, a strong push to $70 could materialize over the next days.

This would require bulls to cross the lower high hurdle at the $65 price zone and be dependent on a significant jump in daily trading volume. This would be despite the On Balance Volume (OBV) trending in the lower range.

Mean coin age sky-rockets

Source: Santiment

According to data from Santiment, the 90-day Mean Coin Age spiked rapidly between 2 October and 15 October. This hinted at an accumulation spree by bulls in anticipation of a sustained bullish rebound in the long term.


How much are 1,10,100 LTCs worth today?


With the 90d Market Value to Realized Value (MVRV) ratio still negative, it suggested that long-term holders were most likely increasing their positions to take advantage of a price reversal.

This showed that LTC could go on a sustained bullish run with $70 the near-term target for buyers.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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