Litecoin Sustains 4-Month Run With 37% Gain, Beating Most Of Its Peers – Details
16 November 2023 - 8:30PM
NEWSBTC
With its latest break above the $74 barrier, Litecoin (LTC) is
showing encouraging signs of a breakout into the bull market.
Increased transaction activity from miners and major investors in
cryptocurrency is fueling expectations of an upward trend and
suggests that a huge price spike is imminent. At the time of
writing, the price range for LTC is $61.50 to $74.50, up 3.5% in
the last 24 hours, figures by crypto market price aggregator
CoinGecko show. The crypto has so far been able to hold its ground
and sustain a 37% increase in the last four months, data shows. The
100-Day Moving Average, on the other hand, is currently at $67.40,
while the 10-Day Moving Average is at $73.25. These indicators
suggest that Litecoin is gaining pace, with resistance levels found
at $80.11 and $93.05. Litecoin hasn’t changed much in response to
recent events in the crypto sector, even though it stands to gain
directly. Companies like Blackrock, Invesco, Franklin
Templeton, Ark Invest and Fidelity recently applied
for a spot Bitcoin ETF. Blackrock recently submitted a
separate document for an Ethereum ETF. This indicates the
prevailing confidence of the largest asset management firm globally
in the potential approval of its Bitcoin ETF. Litecoin has emerged
as one of the most active blockchains in the industry, with a solid
achievement of surpassing 1 million transactions on November 14th,
marking the first time the proof-of-work (PoW) network has reached
this milestone. This surpasses the previous all-time high of
660,153 transactions recorded just a day earlier. Remarkably,
Litecoin’s transaction activity over this two-day period has
exceeded that of Bitcoin, highlighting a significant surge in LTC’s
blockchain engagement. LTC market cap currently at $5.4 billion on
the 24-hour chart: TradingView.com According to latest data,
Litecoin has a strong daily trading volume that surpassed $612
million in the previous day. Like Bitcoin, Litecoin has shown to be
resistant to manipulation. Moreover, Litecoin continues to hold its
position as a cryptocurrency with significant processing power for
handling heavy transactions with a relatively consistent hash rate
in recent months. In the meantime, there are two very encouraging
signs: the miners’ accumulation of LTC, which has reached reserves
of over 2.5 million, and the spike in whale transactions, which
peaked eight weeks ago. But before the bulls can confidently shoot
for $80 and higher, they must be able to breach the initial barrier
at $78. A correction may begin if the price falls below $65;
however, early support may come from the 406,590 holders who
purchased 4.8 million LTC at approximately $67. Source: Santiment
Meanwhile, the performance of the derivatives market presented a
varied scenario. The Open Interest (OI) for Litecoin Futures on
Binance exhibited a lateral movement, suggesting a decreased
inclination among traders to speculate on the future price
movements of the cryptocurrency. Conversely, the Funding Rate on
the exchange portrayed a positive trend, signifying the prevalence
of long-position traders in the market. This divergence in market
indicators reflects a nuanced sentiment among participants, with
some exhibiting caution and a wait-and-see approach, while others
express confidence in the upward trajectory of Litecoin. (This
site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Creative Commons
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