21. Februar 2024

Litecoin Bulls Defend $64 Support, Development Activity Surges

• Litecoin (LTC/USD) is on course to another bullish rally, with bulls defending the $64 support as the price retraced.
• Crypto analyst Michaël van de Poppe expects LTC price to rally by at least 22%, with options to go long around $66.75 targeting $78 and $84.
• Litecoin’s development activity has grown strongly, recording $2.88 billion in transaction volumes after Bitcoin’s $3.98 billion.

Litecoin (LTC/USD) is well on its way to another bullish rally as bulls have defended the $64 support as the price retraced. The cryptocurrency has initiated a short-term recovery above the support, and while technicals show a potential rally in LTC, crypto analyst Michaël van de Poppe believes the uptick will continue.

Poppe predicts the price of Litecoin will rise by at least 22%, with options to go long around $66.75 targeting $78 and $84. He notes that Litecoin is demonstrating strength and will be interested in some scalp trades at the $69 level. At the time of writing, LTC traded at $67.48 and was on a slight bear correction.

Development activity on Litecoin is also on the rise. According to Santiment data, activity grew strongly in September before peaking in October. As of December 27, Litecoin was the second most active chain, recording $2.88 billion in transaction volumes after Bitcoin’s $3.98 billion.

Incorporating the Fibonacci retracement levels on LTC daily chart, the token’s price initiated a recovery at the 38.2% fib level but above the $64 support. This is a positive sign and shows that the market sentiment is currently bullish. If the price continues to rise, it could reach the $78 and $84 targets that Poppe mentioned in his analysis.

Overall, Litecoin’s current performance is promising, and if the bulls are able to hold the $64 support, further gains can be expected. The cryptocurrency has proved to be a good buy on the current retracement for short-term investors, and with development activity continuing to grow, the future looks bright for Litecoin.