Litecoin [LTC] is attracting increased attention from institutional traders in light of the recent market volatility within the cryptocurrency sector.<\/p>\n
Currently, LTC is trading at $125.29, marking a notable 12.86% price surge, despite a decline in trading volume over the past day. Given this breakout and the prevailing market sentiment surrounding Litecoin, the question arises: will this altcoin uphold its upward momentum?<\/p>\n
Litecoin has been confined within a descending channel when observing the hourly chart, up until it broke above the $120.00 mark on its descending resistance trendline.<\/p>\n
The breakout candle above this threshold indicated a robust uptrend momentum, as evidenced by the 12.86% surge in price.<\/p>\n
If this momentum remains strong, LTC could potentially target the $129 resistance level in the short term, with an eye on $143 in the medium term.<\/p>\n
Technical signals point towards a solid bullish momentum, with short-term, medium-term, and long-term moving averages all indicating a strong \u201cBuy\u201d signal based on TradingView data.<\/p>\n
As per Cryptowaves, LTC\u2019s 24-hour Relative Strength Index (RSI) was at 53 and had risen to 58 over the 4-hour timeframe, at the time of writing.<\/p>\n
Litecoin\u2019s Open Interest has surged by 12.09% in the previous day. Current data shows a Long-short ratio of 2.19, implying a higher number of traders leaning towards buying LTC.<\/p>\n
The 7-day exchange netflow ($33.14M) indicates minimal selling pressure, with the majority of investors currently in a profitable position, according to insights from IntoTheBlock.<\/p>\n
According to Ali Martinez on X (previously known as Twitter), significant investors have accumulated 930,000 LTC in the last fortnight, signaling a strong belief in the long-term prospects despite market uncertainties.<\/p>\n
With the likelihood of an LTC ETF approval on the rise, investors may be gearing up for a bullish surge in Litecoin, as reflected in the increasing Total Value Locked (TVL).<\/p>\n
Litecoin needs to maintain its bullish trend above the descending channel to reach the $129 target and potentially beyond. Nonetheless, a drop below the crucial $120 resistance level could trigger a retracement towards $110.<\/p>\n
With a Bitcoin correlation of 0.11, Litecoin demonstrates independence from BTC\u2019s price movements. Hence, with its robust buying activity and accumulation by whales, LTC appears to be primed for a sustained upward trajectory in the long term.<\/p>\n","protected":false},"excerpt":{"rendered":"
Litecoin [LTC] is attracting increased attention from institutional traders in light of the recent market volatility within the cryptocurrency sector. Currently, LTC is trading at $125.29, marking a notable 12.86% price surge, despite a decline in trading volume over the past day. Given this breakout and the prevailing market sentiment surrounding Litecoin, the question arises:<\/p>\n","protected":false},"author":1,"featured_media":41740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-41739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=41739"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41739\/revisions"}],"predecessor-version":[{"id":41742,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41739\/revisions\/41742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/41740"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=41739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=41739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=41739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}