- Litecoin (LTC) still shows bullish strength as it approaches overbought conditions for RSI while MACD stays bullish.
- LTC targets the level of resistance of $120 based on a 19.83% surge in trading volumes and rising demand from investors.
- Against the rally, spot open interest has gone down by 9.19% as orders switch gears to a more organic spot-led market move.
- The Litecoin outlook remains positive for further gain if support for levels higher than $110 continues and if resistance for $120 is overcome.
Litecoin (LTC) is on its way to a bullish trend and signaling an increment in its value alongside the entire crypto industry. LTC’s value for the last 24 hours has decreased slightly by 2.91%, while for the last week it has also increased by 12.15%.
The general market is neutral as BTC has started consolidating. This move has impacted both the general market and altcoins. However, LTC keeps going up with a positive trend in prices.
LTC is currently trading at a value of $113.40 with a 24-hour trading volume of $1.21 billion, which has increased by 2.35% in the last 24 hours. The coin now has a market capitalization of $8.63 billion, with a decline of 3.18%.
Also Read: Litecoin (LTC) Price Jumps 23% This Week—Is $125 the Next Target?
Litecoin Price Eyes $140 Amid Bullish Momentum
Technicaly, the RSI (Relative Strength Index) is at 68.43, below the overbought line of 70, showing strong momentum while also some short-term fatigue. The MACD (Moving Average Convergence Divergence) remains firmly bullish, with the MACD line at 7.23, considerably higher than that of the signaling line at 5.51, but a falling histogram shows some slowdown in momentum.
Overall, indicators show that more upside is a possibility, but a cooldown could occur if buyers cannot sustain their momentum.
Litecoin is in a good technical rally now with bullish spot volume and momentum indicators. The decrease in open interest does indicate a less speculative organic rally that could be a healthier setup for additional gains. Traders should keep a close eye on the $120 resistance zone and watch for consolidation above $110 as a sign of strength.
If broken, then it would see a major resistance zone around $140. A failure to hold these levels could open the door for a pullback toward $105 or lower support around $95.
Litecoin OI Dips, But Bulls Stay Strong
Litecoin’s (LTC) derivatives market is showing a mixed picture as traders reduce exposure despite a recent price rally. According to Coinglass, LTC open interest (OI) has declined by 5.15% to $950.55 million, while trading volume dropped sharply by 16.38% to $2.36 billion over the last 24 hours.
However, the OI-weighted funding rate remains positive at 0.0096%, signaling that the traders who continue to hold positions are aligned with the bullish trend rather than positioning for a reversal.
Despite the pullback in volume and open interest, the funding rate reflects continued optimism in the market, showing that sentiment remains favorable for Litecoin’s upward trajectory.
Also Read: Litecoin (LTC) Eyes $124 Breakout as Whales Sell and Holders Stay Strong
