Litecoin price surged by nearly 30% within a couple of hours, lighting up a bullish wave within the crypto markets
The LTC price ends the prolonged consolidation phase and enters the top 15 cryptocurrency rankings
The crypto markets have switched to bullish after undergoing a massacre in recent times. The popular crypto faced rejection in its attempt to surpass the pivotal resistance at $73. Meanwhile, the fresh sell-off, which was led by the unfamous FTX collapse, compelled the LTC price to drop below the crucial support levels.
However, the latest jump propelled the price higher to reach the initial target beyond $80, slicing through the crucial levels at $75.
Litecoin price diverted from the rest of the market and rebounded finely before reaching the June lows. Whereas most of the other crypto assets marked new lows amid the recent FTX fallout. The upswing is believed to be carried out until its upcoming halving in July 2023, post to which the bulls may undergo extreme exhaustion.
Halving is considered the most bullish event for the PoW chains and hence the LTC price is also speculated to rise high close to $200 before knocking it down.
Secondly, the popularity of the asset is also rising significantly. According to a well-known on-chain analytical platform, Lunar Crush, the social engagements, mentions and market volume has surged remarkably in the past couple of days.
With a price rise of nearly 43%, social engagement jumped by 107.6% while mentions surged by more than 300%. Besides this, the altcoin is also speculated to repeat the previous patterns of a fakeout, and breakout attempt, followed by a throwback and a massive markup. Therefore, this could be what the Whales may have analysed and hence have accumulated more than $42 million worth of LTC in the past 2 weeks.
Meanwhile, with the fresh jump, Litecoin surpassed Solana & Shiba INU to secure the 13th position. However, with a continued trend, the asset may even enter the top 10 crypto rankings that it has maintained for over 11 years. Therefore, after breaking the 7-month-old consolidation, the Litecoin (LTC) price is expected to mark a 3-digit figure anytime from now and eventually reclaim the lost levels beyond $200 very soon.
This article has been originally published at: https://coinpedia.org/price-analysis/litecoin-price-is-on-the-rise-will-ltc-single-handedly-lit-the-market-up/