Litecoin’s price reached $82.69 on Tuesday, November 12, as the cryptocurrency market continued to rally. However, it pulled back and was trading at $76 at the time of writing. The article explains what needs to happen for the LTC price to reach $100. Litecoin, like other cryptocurrencies, has experienced a significant increase in value in recent months, rising from $50 in July to over $76.
The recent surge was due to factors such as the Donald Trump victory and ongoing interest rate cuts by central banks. However, Litecoin’s price has encountered a strong resistance at $82.68 and formed a bearish engulfing pattern, which indicates a potential price decline. To hit $100, Litecoin needs to first rise above its Tuesday’s high of $82.70, which coincides with the upper side of the ascending channel.
Additionally, the 50-day and 200-day moving averages must form a golden cross, and Bitcoin should bounce back above $90,000, leading to more gains in the altcoin market. Litecoin has several catalysts that could push its price higher in the short term. Short-term holder balances have increased by over 31% in the last 30 days, often seen as a positive sign and a precursor to a major bull run.
Litecoin’s hash rate has reached 1.38 PH/s, its highest level since November 8, and its mining difficulty has reached 46.5 million, its highest level on record. Data from Litecoin’s developers shows that LTC has been the number one choice for cryptocurrency payments, with a 33% market share, followed by Bitcoin and Ethereum.
To summarize, Litecoin needs to overcome its resistance level of $82.70, form a golden cross, and see Bitcoin’s uptrend resume for its price to reach $100. The coin also has more catalysts that could push its price higher in the near term.
