- Summary:
- Litecoin price has gained more than 44 percent in the last week, and the strong momentum and fundamentals points to continuation.
Litecoin price rose to $144.99 on Thursday, hitting its highest level since January 2022. LTC has put up a strong show in recent days, gaining 44% in the last seven days. Its upsurge is accompanied by rising trading volumes, which signals a likely continuation of the upside. According to analytics site, CoinMarketCap, the 24-hour LTC trading volume was up by 11% at press time.
Bitcoin’s rise to the six-figure price mark on Thursday towed the wider crypto market, creating sentiment-driven trading conditions. Litecoin shares multiple similarities with Bitcoin in terms of blockchain design and its primary utility in payments.
However, despite its recent hot streak, Litecoin price is still 65% below its all-time high price set in May 2021. Nonetheless, its market capitalisation has risen significantly to $10.5 billion, making it the twentieth largest cryptocurrency by market capitalisation.
At its current price, 8% of LTC holders are “Out of the Money“. This could add support for the upside as they hold on to turn a profit. However, the 86% who are “In the Money” could sell off their assets in the coming days, exerting downward pressure on LTC price.
Meanwhile, the value of LTC Open Interest rose by 0.8% in the last 24 hours to $672 million according to Coinglass data. That signifies investor confidence in the future performance of LTC price, which could strengthen the asset’s tailwinds.
Litecoin price prediction
Pivot: Litecoin price pivots at $137.50 and the RSI calls for further upside.
Resistance: With the buyers in control, the first resistance is likely to come at $144.90 However, a stronger upward momentum could breach that barrier and take LTCUSD to $150.40.
Support: The first support is likely to be at $131.15. However, a stronger downward momentum will break below that level and invalidate the upside narrative. Also, that could extend the downside to the second support at $123.80
