Litecoin (LTC) Price Confirms Bullish Breakout and Now Eyes ATH Soon
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After more than six years trapped in a macro consolidation, Litecoin (LTC), the third largest digital asset secured by the legacy proof-of-work (PoW), has confined the onset of a fresh bull cycle. With a fully diluted valuation of about $9 billion and more than 8.8 million non-zero addresses, the mid-cap altcoin closed March on an extremely bullish outlook.
As a result, Litecoin is currently attempting to break above the last major resistance around $112 to reclaim its all-time high (ATH). Litecoin’s rally aligns with the general crypto bullish outlook led by Bitcoin (BTC) amid the tangible cash inflow from institutional investors.
Litecoin Price Analysis$LTC
Litecoin has Monthly Closed above the Downtrend
It is confirmed
The Macro Downtrend has been broken for the first time since April 2021
The Macro Downtrend is now officially over#LTC #Crypto #Litecoin https://t.co/yU7Gz7X1ck pic.twitter.com/ktgOYKTarz
In the weekly time frame, Litecoin price successfully retested the breakout from a macro-falling logarithmic trend. Several indicators on the higher time frames largely bolster Litecoin’s bullish sentiment.
For instance, the weekly Relative Strength Index (RSI) is attempting to rally above the 70 level for the first time since 2020. In the monthly time frame, Litecoin’s price against the US dollar closed above the 50 Moving Average (MA) for the first time since the third halving in August last year.
If Litecoin’s bullish sentiment continues in the coming weeks, the altcoin is eying $134 in the mid-term, according to the monthly Fibonacci Extension. Ultimately, Litecoin remains a potentially profitable asset after consolidating below the 2017/2018 ATH.
Fundamental AspectsThe Litecoin community believes it is only a matter of time before the US SEC approves a spot LTC ETF soon. Furthermore, the Litecoin network has several characteristics similar to Bitcoin, which was classified as a commodity by approving spot BTC ETFs.
Meanwhile, the Litecoin network faces immense competition from other layer one blockchains like Solana (SOL) and Cardano (ADA), which have thrived in the web3 space over the past few years.