- Litecoin price breaks above $72, showing increased volatility.
- Trading volume surged 150% in 24 hours, now stabilizing.
- Potential targets: $76.5 resistance zone, with possibility of reaching 3-digit figure by year-end.
Litecoin (LTC) has emerged as a standout performer in the cryptocurrency market, defying the initial ‘Uptober’ disappointment and rekindling hopes for a bullish close to the month.
The token’s price action has shown increased volatility in the second half of October, breaking free from its previous consolidation around $66 and surpassing the $72 mark.
The recent surge in Litecoin’s performance coincides with news of Canary Capital seeking SEC approval for a spot Litecoin ETF, potentially fueling bullish expectations for the token.
This development, coupled with LTC’s price movements, has positioned it among the top-performing cryptocurrencies in recent days.
Litecoin trading volume pumps
Litecoin’s upward trajectory has been accompanied by a significant spike in trading volume, which saw a remarkable 150% increase over a 24-hour period. While this volume has since stabilized, the continued price appreciation suggests a strong underlying bullish sentiment among investors.
Technical analysis reveals that LTC has successfully tested a pivotal trendline, which previously served as strong support and now represents a key resistance level. The Relative Strength Index (RSI) displays a pattern of higher highs and lows, indicating growing strength in the bullish momentum.
Additionally, the Directional Movement Index (DMI) hints at an impending bullish crossover, potentially propelling LTC into the critical resistance zone between $72.61 and $76.5.
The recent surge in trading volume has broken above a restrictive range that had constrained LTC for several weeks. This breakout in volume suggests renewed trader interest, which could sustain buying pressure and provide robust support for Litecoin’s rally.
Looking ahead, if Litecoin successfully breaches and holds above the $76.5 resistance level, it could set the stage for a major rally.
