Litecoin Targets $208 Amid 100% Surge in Transaction Volume
Bitcoin price has decreased to $102,600 from a recent high of $109,000, leading to a minor pullback in altcoins. Litecoin price dropped by 2.76% in the past 24 hours but is up 17% over the last week, with a market cap of $8.88 billion.
Litecoin Price Analysis
- Current trading price stands at $118.
- Price shows an inverted head-and-shoulder pattern, indicating potential bullish movement.
- The neckline of this pattern aligns with the 61.80% Fibonacci level at $138.
- A bounce from the 23.60% Fibonacci level at $111 could confirm bullish prospects.
- Key support levels are at $100 and the 200-day EMA at $89.92.
Price Targets
- If a breakout occurs, targets are set at $165 and $208.
- Surpassing the $150 psychological mark is essential for further momentum.
Transaction Volume Increase
- Large transaction volume on the Litecoin network rose from $4.31 billion to $8.85 billion.
- Peak transaction volume reached $10.35 billion, reflecting a 100% increase.
- This surge indicates growing investor confidence and demand for LTC tokens.
With supportive technical indicators and positive on-chain metrics, Litecoin is positioned for a recovery rally, contingent on breaking through the $150 level to achieve higher price targets.