In recent trading, Litecoin (LTC) has experienced a remarkable uptick, surging 12% to surpass the $106 mark, alongside a dramatic 175% rise in daily trading volume to $1.87 billion. The cryptocurrency has gained 43% since the dawn of 2024, with much of the increase occurring in the prior week, reflecting high investor enthusiasm for the digital asset.
Litecoin Poised for Uptrend as Analysts Watch Key Levels
Cryptocurrency expert Rekt Capital noted a 22% climb for Litecoin, pointing to a successful rebound from a multi-year bearish trend, suggesting LTC might be entering a bullish phase. Rekt Capital underlined the importance of Litecoin’s ability to hold above the pivotal $94 threshold and the necessity for a monthly close over the $122 resistance mark, with projections hinting at possible climbs above $150.
Historical analysis aligns with this optimistic outlook, as similar patterns preceding uptrends were observed in 2020/2021. Litecoin followers are keenly watching as the coin approaches major resistance points, which will help predict its future price trajectory.
LTC Miners Hoard Coins Anticipating Further Gains
A significant factor contributing to Litecoin’s price surge has been the aggressive accumulation by LTC miners. Data from IntoTheBlock reveals that miners increased their LTC reserves by 150,000 coins in March, pushing their total to 2.2 million LTC, a value of about $16 million. This strategic hoarding by miners presents a bullish case for the market.
The tightening supply due to miners holding back on selling has allowed bullish investors to gain an upper hand. Miner behavior demonstrates a bullish outlook for Litecoin’s near-term price. Additionally, a 44% spike in open interest for Litecoin, as reported by Coinglass, signals a growing investor confidence that the altcoin’s upward trend will persist.