Litecoin surged by 24% this week, with prominent Litecoiners calling for a long overdue resurgence for the OG crypto as the flight to quality intensifies.
Litecoin has experienced something of a modest breakout this week, rallying beyond highly watched technical resistance present since 2021.
As noted by TradeRunnerXBT on X, the daily breakout appears to have kickstarted momentum which may outpace highly volatile meme coins such as Doge.
$LTC breaking out and currently even outpacing $DOGE on the day
Could actually be the dark horse of this cycle https://t.co/ueK913EeS4 pic.twitter.com/k02MfaGBBn
— TRΔDΞ RUИИΞR ⭕️ (@TradeRunnerXBT) February 29, 2024
Litecoin/Dollar has been within an accumulation range below $100 for nearly two years (since April 2022), printing higher lows as buyers step in at discounted prices.
During that time, Litecoin network fundamentals have posted positive data sets across the board, besides the successful launch of MWEB. For instance, hashing power – viewed as a harbinger of positive price-action – increased by 162% to 1 PetaHash during that time. Similarly, address counts increased 96% to 262.8 million, effectively doubling the user-base.
A popular Litecoiner by the name of MASTERBTCLTC on X compiled these data sets and numerous others to project a potential fair value price-point for Litecoin by 2026.
Litecoin number go up $LTC pic.twitter.com/UzIndRCzou
— master Ⓜ️🕸 (@MASTERBTCLTC) February 29, 2024
According to the analysts’ network value projection model, Litecoin could reach a price-tag of around $43,000 in two years.
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