Litecoin price prediction as LTC jumps 12% on bullish catalysts – Crypto News – Crypto News
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Litecoin price prediction as LTC jumps 12% on bullish catalysts – Crypto News

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6 months ago

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  • Litecoin price is up 12% in 24 hours, hitting $127 as altcoins look to bounce back.
  • The LTC price could rally to $200 and target a new all-time.
  • Bullish catalysts include spot ETF anticipation, payments activity/adoption and treasury strategy moves.

Litecoin trades as one of the top gainers in the past 24 hours, with the altcoin boasting a 12% spike as price hovers near $126. Gains see weekly uptick extended and LTC up by more than 47% in the past month.

Amid a confluence of bullish catalysts, can Litecoin price jump to its year-to-date highs near $140 and target multi-year peaks above $200?

Litecoin jumps 12% amid notable bullish momentum

Litecoin’s double-digit uptick, which pushed price from lows of $111 to above $127 at the time of writing, comes as the broader crypto market seeks a fresh leg up.

On Tuesday, Aug. 5, the total market cap was up 1% to $3.74 trillion, with this following Monday’s resilient performance across stocks and crypto. Most top altcoins including Ethereum, XRP and Solana are in the green, with latest regulatory developments adding to the prevailing crypto sentiment to suggest more gains are likely in the short term.

For LTC, the outlook gets a further bullish impetus from a range of factors. It includes overall anticipation of a spot Litecoin exchange-traded fund (ETF) approval, increased use as a payment currency and significant institutional interest amid treasury strategy moves.

Recently, Bloomberg analysts put a 95% probability on a spot LTC ETF approval in 2025, and regulatory developments suggest this outlook remains.

Meanwhile, bullish projections for Litecoin are gaining traction amid institutional interest, with MEI Pharma’s $100 million Litecoin treasury strategy a major corporate allocation already. Also fueling price gains is Litecoin’s growing use in remittances and payments.

What next for LTC price?

Litecoin’s price gains may see profit taking kick in and derail buyers, particularly given the surge to a five month high for LTC.

LTC chart by TradingView

However, the altcoin has broken above a symmetrical triangle on the weekly chart, signaling potential upside continuation. This breakout above the triangle’s upper resistance means bulls may want to target the supply wall around $200.

Notably, the Moving Average Convergence Divergence (MACD) has a bullish crossover, aiding the outlook for upward momentum. The Relative Strength Index (RSI) also ticks above 64, indicating room for more gains before hitting overbought conditions.

If buying pressure continues, bulls may eye $200 and higher in the short term. However, if it fades, a short-term pullback to the $110–$101 support zone may ensue. This LTC price outlook nonetheless depends on overall bullish conditions.

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