Litecoin has been making strong moves recently with the LTC price surging by 12% in the last 24 hours shooting all the way to $106. Interestingly, the daily trading volume for Litecoin has shot up by 175% and is currently at $1.87 billion. showing strong investor interest in the altcoins. Since the beginning of 2024, the Litecoin (LTC) price has made healthy moves gaining 43% with a majority of it coming over the past week.
Litecoin Price Confirms the Macro Uptrend
In a significant development for Litecoin (LTC) enthusiasts, the cryptocurrency has surged by an impressive 22% following a successful retest of its multi-year Macro Downtrend as newfound support. This accomplishment marks the end of the prolonged Macro Downtrend and heralds the commencement of a new Macro Uptrend for LTC.
Maintaining its position above the crucial $94 mark in the days ahead is deemed imperative for Litecoin’s sustained upward trajectory. Additionally, LTC enthusiasts are closely watching for a Monthly Close above the notable orange resistance level, currently set at $122. Analysts are already expecting LTC gains up to $150 and more.
Historically, such a breakthrough and subsequent establishment of support, akin to the pattern observed in 2020/2021 (green circle), have been indicative of promising trends for Litecoin’s uptrend, reports popular crypto analyst Rekt Capital.
The Litecoin supporters have been eagerly awaiting further developments and potential breakthroughs, eyeing the cryptocurrency’s performance against key resistance levels to gauge its trajectory in the foreseeable future.
Litecoin Miners In Strong Accumulation Mode
One of the major reasons behind the Litecoin price rally has been the strong accumulation happening through LTC miners. As per the data from IntoTheBlock, Litecoin miners have amassed 150,000 LTC coins throughout March, elevating their holdings from slightly over 2 million LTC on February 29 to 2.2 million LTC as of March 29.
At the current Litecoin price, the 150,000 LTC acquired recently equates to approximately $16 million. This substantial surge in miners’ reserves over the span of 30 days has notably bolstered bullish sentiment in the market.
The accumulation by miners signifies a reduction in the influx of newly minted coins entering the market, creating space for bullish investors to assert dominance. Moreover, it indicates miners’ confidence in LTC’s short-term price trajectory, as they opt to retain their holdings in anticipation of future price appreciation.
LTC Open Interest Rises
As per the data from Coinglass, the Litecoin open interest has surged by a staggering 44% growing all the way to $678.86 million. When the expansion of open interest surpasses the price movement during a breakout’s initiation, traders express optimism regarding the continuity of the upward trend. This sentiment is demonstrated by their readiness to initiate fresh positions or enlarge existing ones.
The post Litecoin (LTC) Price Breaks Past $105, Major Price Rally Expected in April appeared first on CoinGape.
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