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Litecoin (LTC) joined the rest of the market in the last 24 hours with a visible price increase. This price movement happened as the cryptocurrency was preparing to break through a significant resistance area. Consequently, there is speculation in the market about whether LTC will soon reach its all-time high.
Will Litecoin (LTC) Continue to Rise?
Recent data shows that LTC has broken the $78 resistance level. Following this breakthrough, comments suggest the start of a bull rally. After this development, the price surged over 8% in just the last 24 hours, delighting investors.
According to data provided by CoinMarketCap, Litecoin has a market value of over $6.7 billion and is trading at $91.36 at the time of writing. The recent price increase has also had a positive impact on the cryptocurrency’s social metrics.
For example, there was a clear increase in LTC’s social volume, indicating a reflection of its popularity in the crypto space. Additionally, LTC’s weighted sentiment was also positive, which could be interpreted as a recent rise in bullish sentiment around the cryptocurrency.
Will Litecoin Hit $100?
As Litecoin has surpassed the $90 level and even broken the resistance there, investors may expect LTC to reach $100 soon. A closer look at LTC’s situation can be taken to comment on whether this will happen.
Glassnode shared an analysis containing noteworthy details. One of these was the control of Litecoin’s reserve risk. For starters, Reserve Risk is referred to as price / HODL Bank and is used to demonstrate the confidence of long-term LTC holders in the local token’s price at any given time.
At the time of writing, LTC’s reserve risk appeared low and was at a level that previously resulted in a bull rally in 2015, leading to an all-time high. If history repeats itself, investors could see LTC reaching the $100 level in a short time.
While all this was happening, there was also a noticeable increase in LTC’s market volume. The market volume rose over 7%, approaching the $7 billion mark. Nevertheless, the price still seems far from its all-time high of over $400.
