Litecoin surpassed $105. Is LTC due for a huge rally this April?
Litecoin (LTC), the “silver” to Bitcoin’s “gold,” has soared in recent weeks, driven by technical factors, strong investor interest, and strategic accumulation by miners. LTC price rose 12% in the last 24 hours, reaching $106.40. This increase follows a 40% year-over-year increase, with most of the growth concentrated in the past week. Daily trading volume also surged 175%, indicating a significant influx of investors into the Litecoin market. Will April be a good month for Litecoin? Analysts are particularly excited about the potential for a break from a multi-year decline. Some believe that if LTC can sustain its position above $94, it could usher in a new era of sustained growth. A clear break and hold above the $122 resistance level could trigger further upside, with some analysts predicting a surge above $150. This price pattern reflects the successful breakout observed in 2020/2021, adding fuel to the bullish trend. Related Reading: Litecoin From $90 to $400: Analysts Are Optimistic About the Trajectory of LTC Soaring. Popular cryptocurrency analyst Rekt Capital also joined in, pointing out the historical significance of a similar price breakout for LTC. He believes that a successful retest of the downtrend and subsequent establishment of support could indicate a promising upside for the cryptocurrency. One of the main drivers of the recent surge is the actions of Litecoin miners. According to data from IntoTheBlock, miners have been accumulating LTC at a healthy pace throughout March. They added a whopping 150,000 LTC to their reserves, bringing their total holdings to 2.2 million. This accumulation strategy reduces selling pressure on newly minted coins and signals miners’ confidence in LTC’s future price trajectory. Currently, the overall cryptocurrency market capitalization is $2.573 trillion. Chart: TradingView Open Interest Rising There is a noticeable surge in open interest for the Litecoin (LTC) futures contract, reinforcing the prevailing bullish sentiment. The latest data shows that open interest has increased by a whopping 45%, indicating growing optimism among traders about the coin’s future trajectory. This surge in open interest not only reflects growing confidence in LTC’s potential, but also highlights traders’ readiness to explore new positions or strengthen existing ones. This strong increase in open interest amplifies the potential for continued growth as market participants work hard to capitalize on the expected bullish movement in the value of LTC. Related Read: Bullish Wind Blows: Bitcoin Bull Flag Points to New Value of $77,000 ATH: Analyst The Way Forward Litecoin is headed for a strong April performance, with strong technical indicators and bullish sentiment driving the current rally can. However, responsible investors should always do their own research and exercise caution when navigating the ever-turbulent world of cryptocurrency. Featured image from Pixabay, chart from TradingView
Patent.
