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Litecoin Rally Brewing? Big Wallets Load Up as LTC Technicals Flip Bullish - Crypto News Flash
Litecoin (LTC) has climbed to $98.21 as of Thursday, marking its fifth consecutive day of gains. The price moved past the $96.30 weekly resistance level on Wednesday and held that level the following day.
Technical signals remain positive, with many watching the $107.05 area as the next level of interest.
Major holders appear to be becoming more optimistic. Between June 5th and July 11th, wallets holding 1 million to 10 million LTC added 360,000 tokens to their holdings, according to Santiment. Meanwhile, wallets holding 100,000 to 1 million LTC reduced their holdings by 140,000 tokens, possibly reacting to broader market uncertainty.
This behavior change suggests that larger players intervened during a dip in the market. That buying activity may have contributed to the recent steady price action and ongoing upward trend.
Activity in the Litecoin derivatives market suggests growing confidence. According to CoinGlass data as of Thursday, the Open Interest in LTC increased by 8.63% over 24 hours, reaching $745.88 million. A rise in Open Interest usually indicates fresh capital entering the market, suggesting that traders expect further price increases.
Another relevant metric is the OI-Weighted Funding Rate, which climbed to 0.0228%. This shows that long positions are paying short positions—a setup that, in past instances, has often been followed by strong upward price action in Litecoin.
Traders Target $500 LTC This Cycle, Says Analyst
Litecoin’s near-term technicals point toward a test of the May 10 peak at $107.05 if the current momentum continues. Support remains firm around $91.78, which matches the 200-day EMA and the 50% Fibonacci retracement drawn from the May peak to the June low.
A drop below the $96.30 level, however, could lead to a retest of the $91 zone.
He added that aggressive targets could extend up to $200, $300, $400, and even $500. He said:
If Litecoin maintains its current pace and holds above support levels, this accumulation and derivatives activity could continue to push it toward higher targets.
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