- As at the time of writing, Litecoin was among the top gainers over the past 24 hours.
- LTC respects the trend line as it dominates cryptocurrency payments.
Litecoin [LTC] was one of the best performing coins of the past 24 hours, surpassing all top 100 cryptos by market cap except Conflux [CFX] to secure second place among the winners.
Despite other cryptos undergoing modest change, Litecoin has shown strength and reminded the market of its potential. After peaking above $400 in 2021, LTC demonstrated its ability to perform at the highest levels just like Bitcoin [BTC] and ether [ETH].
At the time of writing, LTC was up over 2%, as reported by CoinMarketCapwhile other large-capitalization coins struggled. This signals Litecoin’s growing momentum amid otherwise sluggish market conditions.
Source: CoinMarketCap
Trading volume for LTC has increased by over 17% in the last 24 hours, which in turn has increased the volume to market capitalization ratio by 4.25%. This increase in trading activity provides the necessary liquidity to drive further price action.
With such performance, Litecoin is now well positioned to aim for higher price levels, with many traders eyeing the $80 target, but is that possible?
Trendline respect and prediction
Following Litecoin’s recent gains, the price action is showing clear signs of bullish momentum. The crypto has maintained an upward trendline since the market crash on August 5, following a pattern similar to other coins that have recovered since that period.
Over the past four days, LTC has continued its upward trend, indicating it could be one of the standouts during this latest quarter (Q4).
Historically, the fourth quarter has often been bullish for the broader crypto market, but subject to the unpredictable nature of the financial markets.
Source: TradingView
Indicators also support continued upward movement. The MACD’s golden cross signals potential bullish momentum. Meanwhile, seller volume decreases and bullish traders take control of the market.
Additionally, the CMF reads positive values, indicating money is flowing into Litecoin, further supporting the possibility of a bullish run.
However, LTC needs to break and stay above $70 to maintain this momentum. If successful, reaching the $80 target becomes increasingly likely, meaning a potential upside of 22% from the current price.
Litecoin dominates payment
Looking at additional metrics, LTC’s dominance in cryptocurrency payments on BitPay continues to be a driving force.
According to BitPay’s latest September statistics, LTC remains the most used crypto for transactions, accounting for more than 37% of all crypto payments on the platform. This is more than 12% more than BTC, which occupies the second place.
Litecoin has maintained this top position all year long, even surpassing Ethereum (ETH) and Bitcoin Cash (BCH).
Source:
History of LTC and BTC halving
Finally, there is historical precedent for Litecoin’s performance, especially regarding the relationship between LTC and BTC halving events.
Read Litecoins [LTC] Price forecast 2024–2025
Historically, Litecoin’s halving occurs about eight months before Bitcoin’s, and both cryptos tend to rise in the months leading up to and following these events.
Source: TradingView
If this pattern holds true, LTC could see a bullish run during the fourth quarter, which would increase the likelihood of a return to the $80 level if broader market conditions continue to improve.