Digital tokens were bullish on Thursday as the global cryptocurrency market cap reclaimed the $4 trillion mark.
The altcoin season narrative is gaining ground again as Bitcoin eyes breakouts above $120,000, currently trading at $119,490.
With markets seemingly ripe for “Uptober” gains, with Litecoin, Avalanche, and Cardano registering developments on Thursday.
Litecoin turns bullish
LTC tested the breakout level at $120 after a 10% rally over the past 24 hours.
It is trading at $119 after a brief retracement from $122 intraday peak.
The digital token hovers at a crucial juncture, as stability above $120 could support short-term rallies to the December 2024 high at $140.
Renowned analyst Captain Faibik issued a bullish forecast for LTC.
He highlighted that the altcoin has consolidated for several years, with higher lows and lower highs compressing prices into a tight range.
Generally, such patterns trigger substantial breakouts towards either direction.
Faibik expects massive gains once LTC reclaims $150-$160, with the resistance at $280 as the next crucial resistance.
Steady bull rallies in the fourth quarter could see Litecoin rally to all-time highs of above $400.
However, declines below the $110 psychological mark and the key barrier at $100 would hinder the upside in the near term.
$1B treasury plans renew interest in AVAX
AVAX was in the limelight today after the Avalanche Treasury – backed by the Avalanche Foundation – revealed plans to add assets worth $1 billion to its crypto reserves.
🔺 HUGE: Avalanche Treasury Co. plans to buy $1 billion worth of $AVAX
The agreement involves Avalanche Treasury Company merging with public firm Mountain Lake and listing with Nasdaq in early next year under the “AVAT” ticker.
The October 1 press release highlighted:
The goal of AVAT’s capital raising strategy is to own more than $1 billion worth of AVAX after becoming a public company, making it a foundational partner in the growing ecosystem and a leading public vehicle for institutional AVAX exposure.
AVAX trades at $30 after relatively muted actions in the past 24 hours.
However, it looks set for October rallies after closing the previous month with over 25% in returns.
Surpassing $35 could support upswings past the $40 hurdle.
Meanwhile, breakouts past the December 2024 resistance between $50 and $55 could yield substantial rallies for AVAX in the coming weeks.
ADA targets $1
Cardano is changing hands at $0.8527 after gaining more than 1.8% in the past 24 hours.
The altcoin exhibits momentum following a nearly 10% surge the previous week.
Bulls are now targeting another 15% jump to $1, a price mark that carries symbolic and technical significance.
Reclaiming the psychological region would signal strength and potential momentum shift, whereas for the Cardano community, it reaffirms the alt’s resilience.
For context, ADA has hovered below $1 since March this year.
Nonetheless, enthusiasts should watch factors that might undermine anticipated rallies, including delayed altcoin ETFs.
The post Large-cap altcoins: LTC soars 10%, AVAX’s $1B accumulation strategy, ADA eyes $1 appeared first on Invezz