LTC Surpasses $105, Anticipates Major Rally in April

LTC Surpasses $105, Anticipates Major Rally in April

LTC Surpasses $105, Anticipates Major Rally in April

LTC has experienced significant price movements, with a 12% increase in the past 24 hours and a 43% increase since the start of 2024.

In recent times, Litecoin has exhibited robust movements, as seen by its price increase of 12% in the past 24 hours, reaching a high of $106.

Remarkably, the daily trade volume for Litecoin has increased by 175% and is currently at $1.87 billion. This is an exciting development. There is a significant amount of investor interest in alternative cryptocurrencies.

The price of Litecoin (LTC) has moved positively, increasing by 43% since the beginning of 2024, with the majority of this increase occurring during the past week.

An astonishing 22% increase in the value of the cryptocurrency Litecoin (LTC) has occurred as a result of a successful retest of its multi-year macro-downtrend as newfound support.

This is a significant development for those who are advocates of the cryptocurrency. As a result of this achievement, the extended macro downtrend has ended, and a new macro uptrend for long-term care insurance has begun simultaneously.

For Litecoin to continue its upward trajectory, the cryptocurrency must keep its price above the critical $94 mark in the coming days. In addition, those who are interested in long-term contracts are keeping a close eye out for a monthly close that is higher than the significant orange resistance level, which is now positioned at $122.

Analysts already anticipate gains of up to $150 and even higher for LTC. According to the well-known cryptocurrency expert Rekt Capital, in the past, a breakthrough of this kind and the subsequent creation of support, which is comparable to the pattern that was observed in 2020/2021 (green circle), have been indicative of favorable trends for the ascent of Litecoin.

LTC Surpasses $105, Anticipates Major Rally in April
Courtesy: Rekt Capital

Individuals who favor Litecoin have been eagerly anticipating additional advancements and possible breakthroughs. They have been keeping a close check on the performance of the cryptocurrency in comparison to key resistance levels to determine its trajectory soon.

An important factor that has contributed to the recent surge in the price of Litecoin is the significant accumulation that has been taking place among miners of LTC.

IntoTheBlock’s information indicates that miners of Litecoin have amassed 150,000 LTC coins in March. This brings their total holdings back up to 2.2 million LTC, an increase from slightly more than 2 million LTC on February 29.

LTC Miners In Strong Accumulation Mode

Given the current Litecoin price, the recently obtained 150,000 LTC is equivalent to approximately $16 million. The market’s positive mood has been significantly boosted due to the increase in miners’ reserves overthe past thirty days.

The accumulation of coins by miners indicates a decrease in the influx of newly created coins entering the market, which creates space for bullish investors to exert their dominance in the market.

Furthermore, it indicates miners’ trust in the short-term price trajectory of LTC, as they choose to keep their holdings in anticipation of future price increases.

Coinglass’s information reveals an astounding 44% increase in Litecoin’s open interest, bringing it to a total of $678.86 million.

When there is a more significant increase in open interest than price movement during the beginning of a breakout, traders are optimistic about the continuation of the upward trend.

Their willingness to create new employment or expand existing opportunities exemplifies this attitude.

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