Litecoin (LTC), the cryptocurrency that powers the payments-focused decentralized Litecoin layer-1 blockchain protocol, has bounced 5% in the last 24 hours according to CoinGecko, and is up an impressive more than 15% from last week’s lows.
LTC was last trading near $66 per token, having briefly fallen under $58 at the start of last week.
Litecoin is one of the oldest and most battle-tested blockchains, having launched in 2011 to address concerns about Bitcoin’s scalability.
The Litecoin price fell sharply in mid-August after breaking below its uptrend from the mid-2022 lows.
Despite its recent recovery, LTC still down over 40% from early July’s highs around $115 amid an unwinding of optimism about August’s block reward halving.
But recent technical developments mean that price predictions have become more optimistic.
Litecoin has finally been able to find decent support at its 21DMA, a sign that near-term price momentum has taken a turn for the better after the cryptocurrency’s recent battering.
Bulls will now be turning their attention to the next key area of resistance which is around $70.50.
This is a long-term area of support-turned-resistance (support in June, resistance in late August) and also where the 50DMA resides.
If Litecoin was able to break above this key resistance zone, a retest of the 2022/2023 uptrend could be on the cards, meaning the possibility of quick 25-30% gains.
But longer-term bulls and Litecoin believers may actually prefer it if the cryptocurrency continues to consolidate within recent $60-70 ranges, as that would give them more time to accumulate.
Indeed, Litecoin remains a strong candidate to perform well during the next crypto bull market and in the coming decade.
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