Litecoin (LTC) shows signs of a potential bullish rebound in the coming days. Recent crypto market data indicates that Litecoin’s price has increased by nearly 14 percent since October 18, and it is now trading at around $67 as of Friday. The altcoin is currently forming a bullish pennant pattern on the four-hourly time frame, which suggests that there is a growing possibility of a breakout over the weekend. Litecoin’s price chart also shows a bullish divergence on the daily Relative Strength Indicator (RSI) and a well-defined head and shoulder (H&S) pattern formation.
Litecoin’s On-chain Activity Spike
Market intelligence platform Santiment has conducted an on-chain analysis, revealing that more Litecoin whales have become active in the past few days after a period of dormancy that lasted for about six weeks. Santiment reported approximately 7,418 whale transactions on Litecoin’s network last week. This spike in whale activity coincides with a notable increase in daily active addresses, reaching around 319,000, the highest level since June. It’s worth noting that Litecoin’s price speculation also rose during this period, likely due to its third halving event.
LTC Price Forecast
Considering that Litecoin’s network has accumulated strong fundamentals over the past five years, including two halvings, and is currently consolidating within a symmetrical triangle, the bullish outlook suggests that the altcoin could potentially reach a triple-digit price in the near term. Furthermore, Litecoin benefits from a large community of over 10 million holders and a robust network of miners.