Litecoin (LTC) Price Prediction for Today, October 18 – LTC Technical Analysis

By Crypto Gloom On Oct 19, 2024

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Litecoin (LTC) is currently trading at $72.6, reflecting a recent rally after being dormant for several months. These positive developments signal the start of a potential bull market driven by increased institutional interest and favorable developments in the regulatory arena. The announcement of the first spot Litecoin ETF filing and its long history as a safe proof-of-work asset could set the stage for a more sustained rally.

LTC Key Statistics

current price: $72.6
market capitalization: $5.53 billion
Trading volume (24 hours): 390 million dollars
circulating supply: 75.1 million LTC
Total Supply: 84 million LTC
CoinMarketCap Ranking: #20

The price of Litecoin is currently trading at $72.6 and is currently close to the first resistance at $74.00. The asset has shown some retracement but remains above the important support at $71.50, leaving it positioned for further upward movement. If momentum continues, LTC could head towards the next major resistance at $77.

LTC/USD Market Analysis

main level

resistance: $74, $77, $82

apply: $71.50, $68.00, $63

Litecoin (LTC) Price Prediction for Today, October 18 - LTC Technical Analysis — LTCUSD – daily chart

Looking at the daily LTCUSD chart, Litecoin has maintained a strong recovery pattern since bouncing off the $63 support level. The parabolic SAR point reverses below the price action, indicating a potential continuation of the bullish trend. Meanwhile, the MACD indicator shows a crossover with increasing positive momentum as the histogram grows in favor of buyers.

The previous downtrend that began in April is losing influence as LTC continues to consolidate around its current price range. If the price breaks the $74.00 resistance, the next resistance is set at $77 and a key level of $82 could be in sight, triggering a more substantial upward surge.

Could Canary Capital’s Spot Litecoin ETF Trigger a Major Price Rise for LTC?

Litecoin (LTC) has emerged as a key player in the cryptocurrency space due to its powerful proof-of-work consensus mechanism that ensures high security and decentralization. Institutional interest continues to grow, as evidenced by the participation of Fidelity Crypto and Grayscale, and the network’s hash rate has hit an impressive 1.31 PH/s, further enhancing its security.

With Canary Capital’s recent filing of a spot Litecoin ETF, the future of Litecoin could see a significant boost in adoption and liquidity. The potential approval of such an ETF could act as a major catalyst for LTC prices, especially if political dynamics in the US change.

What is the fastest way to profit from Litecoin arbitrage?

In addition to regulatory developments, Litecoin’s usefulness as a payment solution has expanded, most notably through MoonPay’s partnership with PayPal-backed Venmo, allowing 60 million US users to purchase LTC. This integration, along with low transaction fees and high throughput, positions Litecoin as a valuable payments asset in both the Web2 and Web3 ecosystems.

LTC/BTC Performance Insights

Litecoin (LTC) is trading at 0.001056 BTC, with immediate resistance at 0.001080 BTC. Support is at 0.001004 BTC, which has served as a strong bottom for the asset over the past few months. The LTC/BTC chart shows a clear attempt by Litecoin to regain strength after several months of decline.

The parabolic SAR has reversed, indicating a shift towards bullish momentum, while the MACD line is gradually approaching a crossover, indicating upside potential. As Litecoin consolidates around this support level, a breakout above 0.001080 BTC could lead to a recovery to 0.001120 BTC and higher as market sentiment improves.

In a recent statement from Litecoin’s official This milestone highlights the growing activity and interest in the Litecoin ecosystem and highlights its ability to handle significant transaction demand.

Highest on-chain transaction volume in 16 months! Almost $4 billion in one day!!! #Litecoin ⚡️ $LTC
source: @santimentfeed pic.twitter.com/g28YwNu5M7

— Litecoin (@litecoin) October 18, 2024

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