Litecoin is considered one of the most undervalued cryptos in the market. Mainly because being the very first altcoin still in action, LTC failed to follow Bitcoin’s legacy. As a result, the token failed even to regain a 3-digit figure after the fallout in 2021. As a result, the token remains more than 70% away from its highs, which are restricted below $500 at around $412.96. Now that the LTC price has gained back, it’s lost attention.
With over 200% rise in the daily trading volume in the past couple of days, the question arises whether it will gain the pivotal resistance above $125 in 2024?
The spot ETFs have changed the entire market dynamics of the cryptos for which ETFs have already been launched. Hence, whenever a new crypto is added to the list, the market participants become more optimistic about the future prospects of the token. Recently, the market analysts and veterans believe the year 2025 could be the year of ETFs and LTC ETFs may be launched much before the others. Hence, the traders can expect monster moves incoming for the LTC price rally, which may even rise more than double of the current ATH.
The daily chart shows a sudden spike in the LTC price that elevated the levels by over 100%. It was when the BTC price was struggling to achieve the $100K milestone. Despite the pullback, the price managed to revamp a strong rise to reclaim the resistance at $120 but the extended bearish pressure is preventing it from doing so. However, the current consolidation is expected to prevail for some more time, wherein the token may also drop below the ascending support but it could be treated as a good entry as the token remains bullish from the broder perspective.
The MACD does not give confirmation of either a rop or rise in the selling pressure, due to which the token may remain uncertain for a while. On the other hand, the Bollinger bands are contracting, suggesting a drop in the volatility. This may suggest a breakout could be imminent with a greater intensity, while the direction could be depending on the volume induced.
Considering the current market dynamics, the Litecoin (LTC) price has gained huge attention, which may offer a strong boost to it’s volatility favouring the bulls. Eventually, the price is believed to maintain a healthy upswing and is likely to close the yearly trade around $150.
