Litecoin [LTC] was one of the best performing coins over the past 24 hours, outperforming all top 100 cryptocurrencies by market cap, with the exception of Conflux [CFX], which ranked second among the gainers.
While other cryptocurrencies experienced modest changes, Litecoin showed strength, reminding the market of its potential. LTC peaked above $400 in 2021, proving its ability to perform at top levels like Bitcoin [BTC] and Ethereum [ETH].
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At press time, LTC has risen by more than 2% while other large-cap currencies have struggled. This shows that Litecoin has maintained its momentum despite the market downturn.
LTC’s trading volume has surged by more than 17% in the past 24 hours, increasing its volume-to-market cap ratio by 4.25%. The uptick in trading activity provides the necessary liquidity to drive further price action.
With performance like this, Litecoin is now well-positioned to aim for higher price levels, with many traders eyeing a target of $80, but is it possible?
LTC Price Prediction
Litecoin’s price action shows clear bullish momentum following its recent gains. The cryptocurrency has been holding an ascending trendline since the August 5 market crash, a pattern similar to other currencies that have rebounded since that period.
LTC has been on an upward trend for the past four days, which suggests that it could be one of the outperforming currencies in the latest quarter (Q4).
Historically, the fourth quarter is usually favorable for the broader crypto market but is affected by the unpredictable nature of financial markets.
Indicators also support the continuation of the uptrend. The golden crossover of MACD indicates underlying bullish momentum. Meanwhile, the sell-side volume is decreasing and bullish traders are in control of the market.
Additionally, the CMF is reading positive, indicating that funds are flowing into Litecoin, further supporting the bullish case.
However, LTC must break out and sustain above $70 to keep the momentum going. If it does, reaching the $80 target becomes increasingly likely, which would mean a 22% upside from current prices.
Litecoin dominates the payments space
Looking at other metrics, LTC’s dominance in BitPay cryptocurrency payments continues to be a driving force.
According to BitPay’s latest statistics for September, LTC remains the most commonly used cryptocurrency in transactions, accounting for more than 37% of all cryptocurrency payments on the platform. This is more than 12% ahead of second-place BTC.
Litecoin has maintained this leading position throughout the year, even surpassing Ethereum (ETH) and Bitcoin Cash (BCH).
LTC and BTC halving history
Finally, there is historical precedent for Litecoin’s performance, particularly regarding the relationship between LTC and BTC halving events.
Historically, Litecoin’s halving occurs approximately eight months before Bitcoin’s halving, and both cryptocurrencies tend to rise in the months leading up to and following these events.
If this pattern holds, LTC could experience a bull run in Q4, which would increase the likelihood of it revisiting the $80 level if overall market conditions continue to improve.
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