Ah, Litecoin (LTC), the darling of the crypto soirée, has waltzed back into the limelight with a splendid V-shaped recovery of 20% after a rather dramatic plunge to $106 on February 25. After a brief flirtation with the 50-day and 100-day exponential moving averages (EMAs), this charming altcoin has regained its bullish posture and is now outshining most of its crypto companions. Bravo! 🎉
Litecoin has “one of the best charts in crypto”
It appears Litecoin is on an asymmetric rally, leaving the rest of the crypto market in a state of utter confusion. Most LTC futures traders seem to have a clear directional bias, which is rather refreshing, don’t you think? Data shows that LTC’s open interest has consistently peaked at a rather impressive $140. How delightful! 😏
During LTC’s recent correction, its open interest took a nosedive from $885 million to $525 million—a staggering 40% drop between February 20 and February 26. But fear not, dear reader! Most of this decline occurred in the first three days, leaving the last two days rather uneventful. Quite the drama, isn’t it? 🎭
In the past 24 hours, a flash OI spike of 10% was observed alongside a price rise, suggesting that fresh long positions are being taken by traders. The rise in the funding rate further confirmed that more longs are currently active than shorts. How positively thrilling! 📈
In light of this, Tyler, our anonymous crypto trader, has declared that the altcoin boasts “one of the best charts in crypto.” Such high praise! And Poseidon, the crypto analyst, has boldly predicted that Litecoin is aiming for a new all-time high at $300. How ambitious! 🌊
However, our technical analyst, Mihir, believes the long-term target could be even higher. He mused,
“LTC hit $350 USD during 2017 — a 310x move. It retested the 2017 high during the 2020 bull run but failed to make a new ATH. In the current (2023-2025) bull run, it hasn’t moved much yet, but it is indicating an upside move this year. If it breaks above $250 USD, then $1,000 is feasible.”
Overhead resistance hangs at $140
As illustrated in the chart below, Litecoin’s weekly price action is exhibiting strength, and a candle close above $133 will mark its highest level since January 2022. However, our dear altcoin has been rather stubborn, failing to break above its overhead resistance at $140 for the past three months. Oh, the suspense! 😱
With supply-side liquidity (yellow box) available on the upside, LTC needs a weekly close above $133 to invalidate its resistance range. Will it succeed? Only time will tell! ⏳
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2025-02-27 00:17