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DailyBubble News

Litecoin’s 2024 outlook: Ready to breach $100?

Litecoin’s (LTC) price recently experienced a drop of over 6% in the past week, resembling its price action from 2021, hinting at a potential bullish rally. Despite a relatively quiet year, recent data suggests that Litecoin may soon become more volatile and potentially reach new highs.

According to CoinMarketCap, LTC faced a setback last month as its value decreased by more than 6%. Currently trading at $80.66 with a market capitalization exceeding $6 billion, Litecoin holds the position of the 19th largest cryptocurrency. The coin’s lackluster price movement impacted its popularity over the past year.

Analysis of Santiment’s data by AMBCrypto revealed a significant decrease in Litecoin’s social dominance, accompanied by a decline in positive sentiment around the coin, indicating a decrease in investor confidence.

However, there is optimism for Litecoin’s future as a bullish pattern has emerged on its chart, reminiscent of a previous bull rally that occurred in 2021. The coin’s long-term pattern, first identified in 2018, saw a breakout in 2021, leading to an all-time high. Litecoin has begun consolidating in a similar pattern since the beginning of 2022, hinting at a potential breakout in the near future.

Furthermore, Glassnode’s data suggests that Litecoin’s reserve risk is near an all-time low, indicating the possibility of a forthcoming bull rally. In the short term, indicators like the MACD and Money Flow Index (MFI) show bullish signs, while the Relative Strength Index (RSI) remains bearish.

If Litecoin experiences a northward price movement, it could reach $83.6 initially, with potential for further gains towards $90 and $100. Overall, the outlook for Litecoin in 2024 appears promising with the potential for a bullish trend and new price highs. The Benefits of Regular Exercise

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