Litecoin has experienced a significant price surge on low timeframes and hints at a possible bullish continuation. The cryptocurrency is moving higher than more significant assets in the space, and it’s making its way to the top 10 by market capitalization.
The current market landscape and on-chain activity support a bullish thesis. As of this writing, Litecoin already overtook Solana (SOL) and Shiba Inu (SHIB) in this ranking. LTC’s price is trading at $78 with 15% and 35% profits in the last 24 hours and the previous week, respectively.
Litecoin On Track For Further Gains?
Data from research firm Santiment indicates that prominent players have accumulated Litecoin over the previous two weeks. These players anticipated the current bullish momentum.
The firm noted that addresses holding from 1,000 to 100,000 Litecoin accumulated over $40 million in the cryptocurrency over this period. Santiment nurodė, dalinantis toliau pateikta diagrama:
Galbūt kai kuriuos iš jūsų šokiravo „Litecoin“ kainų šuolis, tačiau svarbu stebėti didelį adresų kaupimąsi. Per pastarąsias 2 savaites adresai, turintys nuo 1 100 iki 43.4 80 LTC, sukaupė XNUMX mln. USD monetų pakeliui į pirmąjį kainos šuolį virš XNUMX USD nuo gegužės mėn.
As the chart shows, the Litecoin accumulation trend has lost strength. Large LTC holders might take some profits at current levels before resuming their accumulation pattern.
Additional data from Material Indicators point to substantial support for LTC’s price at $55 to $60. These areas should operate as critical support in case of a retrace.
As seen in the chart below, Material Indicators and Santiment coincide with the buying pressure triggered by investors with bid orders of above $10,000. Retail investors have also been supporting the LTC price rally.
Why Is Litecoin Likely To Trend Higher
Several factors point towards further appreciation for Litecoin. First, the macroeconomic landscape is becoming more favorable for risk-on assets. Inflation in the U.S. dollar is declining, with economic growth following.
This change might give the U.S. Federal Reserve room to pivot its monetary policy, allowing Litecoin, Bitcoin, Ethereum, and the crypto market to record more profits. The possibility of a Fed pivot is still far, but the market conditions are shifting after a long capitulation period for the nascent sector.
In addition, Litecoin has historically operated as a leading indicator for bullish momentum during crypto bear markets. As seen in the chart below, LTC was one of the first digital assets to Bullrun into uncharted territory. Will history repeat?
USD LTC is Repeating previous bottom Fractal ✍️
Every bottom there is a consolidation inside a range followed by –
1) Fakeout ✅
2) Breakout attempt ✅
3) Throwback ✅
4) Markup 👀#LTC #litecoin #altcoin pic.twitter.com/MmaqPw3cvC– Mags (@thescalpingpro) Lapkritis 23, 2022
Source: https://newsbtc.com/news/litecoin/litecoin-sharks-push-price-over-75-ltc-likely-to-keep-on-rising/