As bizarre as it sounds, Litecoin (LTC) has taken on the moniker of meme coin, which has caused its price to rise. Many were surprised when the officially recognized social media account of Litecoin posted the tweet, "I now identify as a meme coin,".
The recent designation of Litecoin as a meme coin has created a stir in the cryptocurrency community and led to a remarkable 29% increase in value. The humorous statement, "Because of today's market environment, I decided that I am a meme coin," revived Litecoin and created social media buzz.
Is LTC A Memecoin Now?
As investors welcomed the coin's move toward a lighter branding approach, trading volumes increased by over 96%, indicating a growing sense of optimism.
This modification aligns Litecoin with a meme coin movement that has gained significant user adoption and is led by Dogecoin and others. According to experts, if the present upward trend continues, the hype surrounding Litecoin could cause its price to reach $100.
This week has been interesting for Litecoin, which has seen a rise in renewed interest. In addition, the hash rate of the network recently pushed to a new record high at the end of the week.
This year, the hash rate for Litecoin has been increasing favorably. This suggests that significant mining investment has been occurring in anticipation of increased trading activity.
Litecoin's Network Activity Analysis
Last Friday's peak hash rate of 1.45 was the highest level it has ever reached in history.
As the market heats up, the network's increasing capacity is supported by the growing hash rate. Curiously, the surge's primary cause had already begun to materialize.
At the beginning of November, Litecoin's daily volume was under $300 million. Volume data, however, shows a huge spike that peaked on November 15 at $1.48 billion. This volume spike was the largest one seen in the previous six months.
The spike in volume attests to the Litecoin network's restored activity and increasing need for LTC.
Litecoin Price Prediction Technical Analysis
In the daily chart of LTC price, the recent price showed a strong bullish reversal with a counter-impulsive momentum. Moreover, the buying pressure is supported by several sell-side liquidity sweeps, suggesting enough liquidity grab before continuing the buying pressure.
In the main chart, the 200-day SMA and 50-day EMA are below the current Litecoin price, showing a bullish slope. As there is a bullish crossover in dynamic lines, we may consider the market momentum as bullish as a Golden cross. As long as the 50 day EMA hovers below the current price, we may consider the market momentum as bullish.
Based on the current market outlook, the ongoing market pressure is bullish, which might continue after having a minor downside correction. A bearish daily close below the 85.11 support level could lower the price towards the 50 day EMA line.
On the other hand, the 85.00 to 76.00 zone could be a bullish zone from where a valid reversal can extend the buying pressure above the 110.00 area.
