- The general crypto markets, led by meme coins, restored the $3T market cap.
- Litecoin (LTC) adapts to the latest trend, aspiring for a meme coin status.
- LTC’s True Strength Index affirms crossover as watchers set sights on $100.
Litecoin’s official X handle stunned the crypto sphere with a surprising announcement that it would switch to memecoins. The playful tweet at 3 AM on November 14, 2024, received encouraging remarks from the DOGE Army. On top of that, Litecoin (LTC) enjoyed a 12% rally on Thursday to reach a new three-month peak.
Litecoin Pursuing Meme Coin Direction?
“I now identify as a memecoin,” uttered the OG altcoin on Twitter, citing “current market conditions” as the top reason. The reply from Dogecoin at 7 AM urged the DOGE Army to create Litecoin memes as a welcome package.
The tweet coincides with a bull run for Litecoin, taking the seasoned altcoin to a new three-month pinnacle of $83.95 an hour later, forming a double top right below $84 and reclaiming early June 2024 levels. While the DOGE Army is preparing Litecoin’s Chibi-style mascot, analysts are focusing on $100 as the next potential LTC target.
Is Litecoin’s $100 Price Target Plausible?
If taken seriously, this approach for the OG altcoin could lead to brand reshaping and a new audience, as memecoins are known to produce the strongest crypto communities. Dogecoin and Shiba Inu (SHIB) have four million followers on X each. In contrast, LTC’s follower count continues to dwell around one million despite being in the crypto space significantly longer.
LTC’s rise to a new three-month high could pave the way for a reclaim of the triple-digit territory unseen since April 9, 2024. The half-year hiatus from this goal hints at accelerated competition within the altcoin markets, but several on-chain factors point to regained strength.
DailyCoin examined LTC’s price momentum with a four-hour technical price chart with the True Strength Index (TSI) above 15. Depicted in the graphic with red and blue lines, this indicator confirmed positive momentum, testified by the crossover of the two lines above the signal line.
On the Flipside
- According to the Stochastic Relative Strength Index (StochRSI), Litecoin (LTC) is slightly overbought, hovering between 72.70 and 69.97.
- Within the current price range, only 44% of LTC holders are in profit, while 49% are still in the red, potentially leading to a sell wall before the $100 target is met.
Why This Matters
Alternative tokens associated with internet culture and humor have produced the biggest gainers in 2024, outpacing other promising niches like Artificial Intelligence (AI) and Real-World Assets (RWA).
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