SNEAK PEEK

• Litecoin’s liquidity ranking places it fifth among crypto assets.
• AltRank™ positions Litecoin as the top performer across thousands of coins.
• The upcoming Litecoin halving is generating excitement and potential opportunities.

In a recent report by KaikoData, Litecoin (LTC) has successfully reclaimed its position in the top 10 cryptocurrencies based on liquidity rankings. Combining market depth with volume, KaikoData’s Liquidity Ranking places LTC in an impressive fifth place, highlighting the importance of liquidity in the crypto market.

Additionally, as highlighted by LunarCrush, Litecoin has achieved the top position in AltRank™ among over 4,480 coins, a metric that factors in increasing social activity and price performance relative to Bitcoin. This surge in AltRank™ suggests a growing interest in Litecoin as investors recognize its potential.

With the Litecoin halving scheduled in just 33 days, market anticipation is building. Litecoin halving events historically have led to increased attention and potential price surges for the cryptocurrency. The forthcoming halving, combined with Litecoin’s impressive liquidity rankings and AltRank™, has created an optimistic outlook for its future performance.

LTC/USD daily price chart: LTC price rallies above $100 after a strong bullish breakout 

The most recent Litecoin price analysis shows that the cryptocurrency has broken out from a prolonged period of consolidation and surged above the key $100 resistance level. As of writing this article, LTC/USD is trading near the $109 mark, with a strong surge of over 12.08% in the past 24- hours.

The trading volume for the token has also seen a considerable surge, currently at $3,267,459,214, up by more than 189 percent compared to the previous day’s levels. The market capitalization for the coin is currently at $7,889,538,979, up by more than 20% in the past 24 hours, indicating strong buyer support. The circulating supply for the coin is at 73,264,902 LTC. 

The technical chart indicators are also pointing towards a potential bullish trend. The Relative Strength Index is currently hovering above 71.41, indicating that the current upward momentum is likely to continue in the coming days. Additionally, the MACD indicator, Litecoin, has just broken out from an extended bearish phase and entered into a bullish zone as the MACD line (blue) has crossed above the signal line (red). 

The Bollinger bands on the daily chart are also widening, suggesting an increased level of volatility and potential upside for the coin. The LTC is currently trading near the upper Bollinger bands of $103.58, indicating that it has entered the overbought territory. The lower band of the Bollinger bands is placed near the $65.47 mark, making it an immediate support level in case of a correction. 

Overall, Litecoin’s recent surge in liquidity and AltRank™ have positioned it for potential growth in the upcoming days. The upcoming halving event is also adding to market excitement and could lead to further upside price movement. The resistance level near $110 is likely to offer strong resistance in the short term, and there could be a correction toward the support level of $91.73 if LTC fails to break out above this key level. 

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/litecoin-ltc-price-analysis-01-07/