Litecoin ($LTC) has surged past its weekly resistance level as predicted, setting its sights on a target of $150.
The cryptocurrency’s market cap has seen a $1 billion increase, climbing 15% to reach $119.64 billion.
This breakout has significantly benefited Litecoin holders, with nearly 80% now in profit—the highest percentage since November 2021, when $LTC traded at $220. The rally has also spurred long-term holders to liquidate, as evidenced by a spike in Liveliness to 0.71 and a net outflow of nearly 1 million coins from wallets.
With Litecoin's current breakout, nearly 80% of holders are now in profit.
This is the highest level since November 2021 when $LTC traded at $220! #Litecoin pic.twitter.com/kYfIqrHHBk
— IntoTheBlock (@intotheblock) December 2, 2024
Several factors are fueling Litecoin’s strong performance:
– ETF Anticipation: Market sentiment has been boosted by growing optimism around the potential approval of a Litecoin exchange-traded fund (ETF). Investors view this as a significant step toward mainstream adoption.
– Analyst Projections: Experts are optimistic about Litecoin’s price trajectory, predicting that $LTC could reach $233–$280 in the near term.
– Market Momentum: Litecoin’s 65% gain over the past month highlights strong upward momentum, reinforcing bullish market conditions.
With its current trajectory, Litecoin is poised to capitalize on both technical and fundamental factors. The breakout above resistance has set a bullish tone, while increased market confidence and institutional interest add further credibility to its growth potential.
As Litecoin continues its upward march, all eyes are on whether it can maintain this momentum and achieve its next price targets. For now, the combination of technical strength and positive market dynamics places $LTC in a strong position to extend its rally.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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