With Litecoin (LTC) breaking above the $74 barrier, it’s indicating a potential breakout into the bull market. The increased transaction activity from miners and major cryptocurrency investors is fueling expectations of an upward trend and suggesting an imminent price spike.
Currently, the price range for LTC is $61.50 to $74.50, showing a 3.5% increase in the last 24 hours, according to CoinGecko. The crypto has sustained a 37% increase in the last four months, with the 100-Day Moving Average at $67.40 and the 10-Day Moving Average at $73.25, indicating gaining pace.
Despite recent events in the crypto sector, Litecoin hasn’t shown much change, even though it stands to benefit directly. The blockchain has seen a surge in transaction activity, surpassing 1 million transactions on November 14th, exceeding Bitcoin’s transaction activity over a two-day period.
In the derivatives market, Litecoin Futures on Binance showed a lateral movement in Open Interest but a positive trend in Funding Rate, reflecting mixed sentiments among traders.
Hot Take
Litecoin’s recent surge in transaction activity and potential breakout into the bull market indicates growing confidence and interest in the cryptocurrency’s future prospects.
Sources:
– https://www.coingecko.com/
– https://www.banklesstimes.com/news/2023/11/14/litecoin-price-inverted-hands-pattern-points-to-a-bullish-breakout/
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