Litecoin has registered a 10 per cent price increase at time of writing, demonstrating unusual strength amidst broader market uncertainty. The cryptocurrency has fully recovered from yesterday's sell-off, according to trader CryptoDonAlt.
The asset has now overtaken SUI, TON, and AVAX in market performance, all of which were significant gainers in 2024. Trading data reveals LTC's 24-hour volume exceeds that of the next four cryptocurrencies combined. Market sentiment appears to be shifting from questioning if Litecoin will experience a strong run to when it will "breakout and shoot for the moon."
Technical analysis of the LTC/BTC pair indicates consistently strong performance against Bitcoin over recent months. The chart formation suggests a rounded bottom pattern may be developing. This typically signals a potential trend reversal after a prolonged downtrend.
Examining higher timeframes provides valuable context for current price action. The monthly chart reveals Litecoin has established a five-year uptrend. If projections toward four-digit valuations materialize, the first significant target would be the range high of $370.
Weekly chart analysis shows Litecoin was rejected below resistance twice—in July 2023 and spring 2024—before breaking above this level in recent weeks. The asset has since traded within a range while many alternative cryptocurrencies experienced significant devaluations. A notable sell-off was quickly absorbed, forming a longer wick than previously seen, indicating strong buyer interest.
Daily price action demonstrates Litecoin maintained stability during broader altcoin market declines and has returned above mid-range. This behavior suggests consolidation before a potential breakout toward the monthly range high identified at $370. Recent days have witnessed a minor shakeout that unsettled some investors. For confirmed bullish momentum, traders are watching for a clean breakout, successful retest, and continuation pattern before declaring a new uptrend.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.