Connect with us
Active Currencies 11151
Market Cap $1,495,818,090,487.70
Bitcoin Share 49.70%
24h Market Cap Change $2.31

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?

Share this article

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.


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.