Coinspeaker Litecoin (LTC) Price Attempts Bullish Breakout toward $112 Catalyzed by Rising Demand from Short-term Holders
Amid the ongoing crypto cash rotation, which is currently in favor of large-cap altcoins, Litecoin LTC $76.46 24h volatility: 1.6% Market cap: $5.75 B Vol. 24h: $1.93 B , the third largest crypto secured via Proof-of-Work (PoW), has signaled a bullish breakout ahead. The mid-cap altcoin, with a fully diluted valuation of about $6.4 billion, pumped over 14 percent since last week to trade about $76 on Tuesday, November 12, during the early New York session.
According to the latest data as of this report, the Litecoin market registered a 111 percent surge in daily average trading volume to hover about $1.74 billion. With its deep liquidity on major crypto exchanges, led by Binance, Litecoin price is well positioned for further gains in the near term.
Midterm Target for Litecoin Price
Litecoin price has continued to consolidate in a macro symmetrical triangular pattern, despite undergoing two halving in the past six years. Having underperformed in the 2021 crypto bull market, Litecoin has been branded a ‘zombie altcoin’ amid the emergence of shinier coins.
Nonetheless, Litecoin price has established a robust support level above $59 in the past year, which could be a basis for a bullish breakout in the near term.
Moreover, Litecoin’s weekly Relative Strength Index (RSI) has surged above the 50 percent level again since May this year.
From a technical analysis standpoint, LTC price has already retested the bullish breakout from a macro falling logarithmic trend, which began in May 2021. As a result, Litecoin price is aiming for the next major range above $110, which coincides with the 0.786 weekly Fibonacci Retracement.
I'm long $LTC / #LTC – Am wondering if it plays vertical catch up like $ETH / #ETH. Similar structure. pic.twitter.com/5NYhNXryl7
— Roman the Paradoxed Prophet (@ProphetsSuite) November 12, 2024
Major Factors Fueling LTC Growth
The Litecoin market has enjoyed significant support from both retail and institutional investors. According to the latest on-chain data, the Litecoin network has over 7.7 million holders. As Coinspeaker previously reported, the filing for a spot Litecoin ETF by Canary Capital in the United States has signaled a rising demand from institutional investors.
According to market data provided by IntoTheBlock, Litecoin’s short-term holders (STHs) increased their holdings by 31 percent in the last month. Based on historical trends, an increase in Litecoin’s STH occurs before a major bullish spike in underlying value.
The balance held by short-term $LTC holders is moving up, increasing by 31% in the last month.
These spikes happen relatively frequently, usually occurring around bottoms or before major spikes in price. pic.twitter.com/yNeNDkpb9U
— IntoTheBlock (@intotheblock) November 12, 2024
With the United States expected to have a pro-crypto SEC Chair, following the overwhelming victory of Donald Trump, the approval of a spot LTC ETF is much more likely in 2025.
Meanwhile, the Litecoin core developers have been working to make the network safer and more efficient to handle institutional funds and mainstream adoption. Recently, the Litecoin core developers announced the launch of v0.21.4, to enhance vital security updates.
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Litecoin (LTC) Price Attempts Bullish Breakout toward $112 Catalyzed by Rising Demand from Short-term Holders
