Litecoin (LTC) is back in the spotlight, jumping 9.66% in the past 24 hours to trade at $122.70, according to CoinMarketCap.
The surge is backed by a sharp uptick in trading volume (+181.8%) and growing market confidence, as LTC reclaims a key resistance level and reasserts its real-world utility in the crypto payments sector.
Payments growth fuels bullish sentiment
New data from CoinGate reveals that Litecoin is now the second most-used cryptocurrency for payments on the platform, capturing 14% of total transactions in July. This puts LTC behind only Bitcoin in merchant adoption, with usage fueled by low transaction fees (~$0.03) and fast block times (2.5 minutes).
The payment-driven demand is increasingly translating into price support. Nearly 40% of CoinGate merchants now hold crypto from payment receipts—up from 27% in 2024—indicating growing confidence in LTC as both a medium of exchange and a store of value.
Technical breakout targets $135–$150
On August 5, Litecoin decisively broke through the $120 resistance zone, triggering a technical breakout. Analysts tracking LTC’s price structure noted a symmetrical triangle pattern, with breakout targets projected in the $135–$150 range.
However, the rally comes with caution. The Relative Strength Index (RSI) is now at 75, signaling that the asset may be approaching short-term overbought conditions. If a cooldown occurs, support is expected near the 200-day EMA at $97.99.
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Key level to watch: A sustained daily close above $128.92—the Supertrend confirmation level—would likely validate continued upside momentum.
ETF speculation adds fuel to the rally
Adding to investor optimism is rising speculation around a potential Litecoin ETF approval, with some analysis placing the SEC approval probability as high as 95%. If greenlit, such a product could further legitimize LTC as an institutional-grade asset and unlock significant capital inflows.
With rising adoption, technical tailwinds, and ETF buzz, Litecoin is positioning itself as one of the top-performing altcoins of the week. Whether it consolidates or climbs higher, the next few days will be pivotal in determining the strength of this breakout.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
Tags:Bitcoin