Based

bullish

2024

Litecoin

The post <a href="https://coinpedia.org/price-analysis/top-reasons-why-litecoin-can-still-reach-100-in-2024/" rel="noopener noreferrer nofollow">Top Reasons Why Litecoin Can Still Reach $100 in 2024!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
<ul class="wp-block-list">
 <li>LTC daily chart shows a falling channel pattern with a failed breakout above the 50-D EMA.</li>
 <li>Only 71 Litecoin addresses are profitable, with 97.19% of holders facing losses.</li>
 <li>Santiment reports a significant drop in smallholders, indicating a potential bull run.</li>
</ul>
With a bearish end to the last week, <a href="https://markets.coinpedia.org/litecoin/" rel="noopener noreferrer nofollow">Litecoin</a> registers a 2.28% drop, forming a bearish candle in the weekly chart. As the supply tidal shapes into the present week, Litecoin is down by 2.25% and is currently trading at $63.38.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466.png" alt="Litecoin price analysis 27th aug 2024" class="wp-image-343044" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-466-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
The declining trend continues in the daily chart within a falling channel pattern as LTC fails to surpass the overhead trend line. A sudden increase in supply inflow, a morning star pattern, and a continuation candle resulted in a 5.40% drop in just two days.&nbsp;
The reversal also fails to surpass the declining 50-day EMA, which acts as a dynamic resistance. Failing to sustain dominance at the 23.60% Fibonacci level at $65.55, the LTC rises back to the support level at $61.88.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="796" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465.png" alt="Litecoin price analysis 27th aug 2024, 4H" class="wp-image-343043" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465-768x382.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465-1536x764.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122950/image-465-150x75.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
Currently, it is trading at $63.38, with an intraday growth of 0.60%, reflecting a bullish attempt at reversal. In the 4-hour chart, the bullish attempt gains more significance as the consolidation phase finds a bullish divergence in the RSI line.&nbsp;
As the Litecoin struggle teases a potential positive cycle, a double-bottom reversal could result in a bullish breakout.
<h2 class="wp-block-heading" id="h-with-71-profitable-addresses-will-litecoin-skyrocket">With 71 Profitable Addresses, Will Litecoin Skyrocket?</h2>
As Litecoin struggles to break through resistance,<a href="https://app.intotheblock.com/coin/LTC" rel="noopener noreferrer nofollow"> IntoTheBlock</a> shows a notable shift in volume entering the in-the-money zone.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="556" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464.png" alt="Into The Block Litecoin" class="wp-image-343041" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-300x104.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-1024x356.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-768x267.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-1536x534.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-150x52.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
Currently, 13.2 million LTC tokens, valued at $836.37 million, represent 17.46% of the current supply and are “in the money.” In contrast, a massive part of 77.22% or 58.38 million Litecoins in current supply worth $3.7 billion remain “out of the money”.
Additionally, 5.32% of the supply, or 4.02 million Litecoins worth $255 million, is “at the money”. The at-the-money zone spans from $58.60 to $63.78.&nbsp;
<figure class="wp-block-image"><img decoding="async" width="1600" height="556" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464.png" alt="Into The Block LTC" class="wp-image-343042" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-300x104.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-1024x356.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-768x267.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-1536x534.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122949/image-464-150x52.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
Interestingly, only 71 addresses are profitable, meaning these addresses hold 13.2 million LTC in the money. Conversely, 90.1k addresses are out of the money, accounting for a staggering 97.19% of Litecoin holders facing losses at the current market price.
<h2 class="wp-block-heading" id="h-small-holders-jump-the-litecoin-ship">Small Holders Jump The Litecoin Ship</h2>
With a massive difference in profitable Holders, the shorthands are exiting the market at a quick pace. In a recent<a href="https://x.com/santimentfeed/status/1828269348802437299" rel="noopener noreferrer nofollow"> tweet</a>, Santiment highlighted a sudden year-high drop in smallholders (0.1 to 1 Litecoin).
<figure class="wp-block-image"><img decoding="async" width="1600" height="1099" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467.png" alt="Litecoin Santiment" class="wp-image-343045" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467-300x206.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467-1024x703.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467-768x528.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467-1536x1055.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467-220x150.png 220w, https://image.coinpedia.org/wp-content/uploads/2024/08/27122952/image-467-150x103.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
With a net drop of 45.2K Wallets Holding 0.1-1 LTC tokens in 24 hours, the smallholders took a mass exit. Successively, this is the largest drop witnessed in smallholder parties since October 2022, almost two years ago.&nbsp;
<h2 class="wp-block-heading" id="h-will-ltc-price-hit-100">Will LTC Price Hit $100?</h2>
Despite the bearish packaging of the on-chain data, Litecoin is on the cusp of a potential bull run. Based on Santiment’s tweet, a drop in smallholders suggests a surge in <a href="https://coinpedia.org/price-prediction/ltc-litecoin-price-prediction/" rel="noopener noreferrer nofollow">LTC price</a> as small fish impatiently jump ship before the bull run.&nbsp;
Further, despite Litecoin’s concentration, the recovery will put a significant part of the volume in “at the money stage.” This is based on the intotheblock data, which shows 7.09M Litecoins and 84.35K addresses in the $63.78 to $67.61 range.&nbsp;
In the price chart, the breakout of the overhead trendline or the 50-day EMA will siren a buy signal for sideline traders. Based on Fibonacci levels, the bulls can target 50% or 61.80% levels at $78 or $84 next month. By 2024 end, Litecoin might have to depend on the broader market recovery to extend the bull run to $100.&nbsp;

Top Reasons Why Litecoin Can Still Reach $100 in 2024!

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