Litecoin (LTC) – the 13th-ranked cryptocurrency by market capitalization – has seen an increase in the price of 31.75% over the past seven days. Whereas other cryptocurrencies also continue their upward swing by turning green with significant gains indicating a bullish trend.
According to the data from CoinMarketcap, other coins with notable gains include XRP, with a 3% gain, Chainlink (LINK), with a 7% gain; and Solana (SOL) with a 10% increase during the past 24 hours.
On November 23rd, the bear market was unable to sway Litecoin’s unpredictable behavior. As the markets picked up their tone and went back in a positive direction, many of the major cryptos rose simultaneously.
Data from CoinMarketcap shows that on November 23rd, LTC spiked to a high of $81.56 after trading as low as $63.20 the day before. This peak was last attained in May, seven months before.
The token breached resistances at $65 and $70 and overshot the $75 mark when it peaked at $81.56. When nearing resistance at around $85 – bears started to retake control of their movements, and the price then fell below $80.
However, the token’s price is currently trading at $77.17, with a loss of about 3% in the last 24 hours, and its 24-hour trading volume also decreased by about 30%.
Nevertheless, The price is near resistance at the $80 level, and therefore there is room for a stronger positive upward movement. If it surpasses the $82 threshold, it may aim for a target around the $90 mark.
Factors Driving Litecoin (LTC) Growth
According to the tweet from Santiment, investors may have been surprised by Litecoin’s price increase, but the important thing to keep an eye on is the enormous address accumulation.
According to the statement:
In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.
In addition, addresses holding 1,000 to 100,000 LTC together increased their baggage by 2.71% in a single day. It might have been a key player in boosting prices.
However, it is obvious that these groups of traders’ activities influence the course that Litecoin’s price will follow. Based on current measurements, the lightning-network-based asset, which frequently goes unnoticed, may have a slight slowdown followed by more significant long-term potential.
Another important factor contributing to the recent spike in optimism was the exponential change in profits achieved by LTC holders. Long-term traders were finally back in the black for the first time since December 2021, as seen by the 365-day MVRV moving back into the green.
Related Reading | Hodlnaut Faces Investigation From Singapore Authorities for Potential Fraud