Litecoin Outlook for 2024: Ready to Surpass $100?

• The price of LTC is down more than 6% over the past seven days.
• LTC was mimicking its price action in 2021, hinting at a bullish rally.

Litecoin (LTC) The price development has fallen back somewhat over the past year, as it has not moved much. However, the latest data sets suggest that the coin could soon turn volatile and reach new highs.

Litecoin’s dormant year

According to CoinMarketCapdespite the volatility, the last month was a setback for LTC, as its value fell by more than 6%.

At the time of writing, Litecoin was trading at $80.66 with a market cap of over $6 billion, making it the 19th largest cryptocurrency. Slow pricing also impacted the coin’s popularity last year.

AMBCrypto’s analysis of Santiment’s data clearly revealed a massive decline in its social dominance. Positive sentiment around the coin has also fallen, reflecting a decline in investor confidence in the coin.

However, this could all change soon as an uptrend forms on the LTC chart, resulting in a massive bull rally. The long-term trend first appeared on the LTC chart in 2018.

Since then, the coin’s price has consolidated inside the trend before breaking out in 2021. This breakout allowed LTC to reach an all-time high over the next few months.

The good news is that LTCs have started consolidating again in a similar pattern since the start of 2022. According to the latest data, they were on the verge of bursting.

Therefore, it seemed likely that LTC would become volatile in the coming months and might as well hit an ATH in 2024. Aside from that, another metric looked rather bullish.

AMBCrypto’s examination of Glassnode data revealed that Litecoin’s reserve risk was near its all-time low. This also hints at a possible bullish rally in the coming weeks.

What does it have in store for us in the short term?

Since the possibility of Litecoin becoming volatile was high, AMBCrypto then checked its daily chart to see if things could turn bullish soon.

According to our analysis, the MACD has shown a bullish advantage in the market. The Money Flow Index (MFI) also recorded a slight increase and moved away from the neutral mark, indicating a slight increase in prices.

But the Relative Strength Index (RSI) remained bearish as it was below the neutral mark.

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Read Litecoin (LTC) Price Prediction 2024-2025

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If a northward price movement occurs, then LTC could first reach $83.6. Litecoin liquidation would increase at this level, which could lead to a short-term price correction.

A successful break above this resistance would open the way towards $90 and $100.