Litecoin (LTC) is gaining traction throughout the entire crypto community and experiencing a surge in its value within the entire crypto community. The LTC price over the last 24 hours is up by 2.16%, and over the last week it is also up by 10.21%.
The general market trend is now turning bullish as BTC has started its movement towards its ATH around $123,000. This surge in price has affected the overall market, including altcoins such as Litecoin.
Currently, LTC is trading at $113.23 with a 24-hour trading volume of $825.24 million, down by 9.81% over the last 24 hours. The coin has a market capitalization of $8.61 billion, which is up by 2.17%.
Also Read: Can Litecoin (LTC) Break $140? MACD and RSI Hint at Continued Bull Run
Litecoin Eyes Breakout and Poised to Break $300
Litecoin (LTC) is facing minor resistance between $113 and $115, where the upper Bollinger Band also aligns. The price is staying above its 20-week EMA ($95.39), which is a healthy sign, and the 100- and 200-week EMAs ($92.03 and $89.01, respectively) are acting as great underlying supports.
These are key accumulation areas and are a sign that the base is being held by the bulls, and they plan to create momentum from this region.
Technically, if LTC succeeds in closing above the $115 area of resistance, the subsequent near-term goal lies between $130 and $145 and the $300 area, which presents a historical area of resistance where historical supply and price rejections occurred in the past.
However, if this bull effort fails, a return to the $88–$92 area of support is possible, aided by EMA convergence buildup and previous price reaction areas. The price structure remains largely neutral until a breakout determines trend direction.
Litecoin Derivatives Points to Potential Upside
On-chain and derivative information is revealing market sentiment. Open Interest (OI) rose 1.94% to $954.90M, signaling heightened speculative sentiment and inflows of capital into future contracts. Such a rise in OI largely indicates that traders are opening up new positions, and that often comes before significant price action.
In addition, the OI-weighted sentiment is slightly positive at +0.0129%, indicating that speculative shorts are bullish but are not yet fully bullish. This slightly bullish reading means that optimism in the market is growing.
Despite that, volume decreased significantly by 21.74% to $1.51 billion, reflecting a wait-and-see approach and cooling-off process amongst retail players. LTC previously recorded major price movements where volume and OI topped simultaneously, which hasn’t been observed yet.
Also Read: Litecoin (LTC) Eyes $124 Breakout as Whales Sell and Holders Stay Strong
