LTC prices have risen over 8% in the last 24 hours.
Social metrics and indicators look bullish.
#Litecoin [LTC] has shown impressive momentum over the past 24 hours. This came at a time when the coin's price was about to overcome a key resistance zone. Does this mean that #LTC is about to hit an all-time high?
Is Litecoin on a spaceship?
According to the latest data, the LTC price was at a key resistance level of $78. A break above this level would indicate a bullish upside. Fortunately, LTC only managed to break this level in the last 24 hours as the price #rose by more than 8%.
According to CoinMarketCap, at the time of writing, Litecoin is trading at $90.36 and has a market capitalization of over $6.7 billion. The recent price increase has also had a positive impact on the coin's social performance.
For example, social volume has increased sharply, reflecting Litecoin's popularity in the #cryptocurrency space. In addition, the weighted sentiment index has moved into positive territory, indicating an increase in bullish sentiment towards the coin.
As Litecoin has crossed the $90 mark and broken through resistance, investors can expect LTC to reach $100 soon. As such, AMBCrypto decided to take a closer look at the state of LTC to confirm the likelihood of such an outcome.
Our analysis of Glass Node data revealed an interesting episode. We identified a reserve risk for Litecoin. For beginners, reserve risk is defined as the price divided by the HODL bank, and is used to assess the confidence of long-term holders in the price of the native coin at any point in time.
At the time, the reserve risk for LTC was low and was at the level reached during the 2015 bull rally to ATH. If history repeats itself, investors could soon witness LTC hitting the $100 mark.
Litecoin's Chaykin Money Flow (CMF) also recorded a sharp rise, indicating that the price is likely to continue rising.
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