- Litecoin is trading at $98, up 3.35%, with analysts targeting $117 soon.
- Open Interest rose 6.14% to $647.38M, signaling more capital flowing into LTC futures.
- LTC holds above $93 support; RSI above 50 suggests buying pressure is gaining momentum.
Litecoin (LTC) is showing strength, trading at $98 after gaining 3.35% in the last 24 hours. As Bitcoin sets a new all-time high above $111,000, attention is shifting toward altcoins, with Litecoin standing out as a likely candidate for a potential breakout.
In a recent X post, Cal Runefelt, a well-followed crypto analyst, pointed to a bullish flag setup on the 4-hour chart. He explained that the coin has already bounced off a key support around $94. According to Runefelt, this bounce gives a strong chance for a breakout to the upside. His analysis sets a price target of $117.50, which would mark a 19% increase from the current price.
FZ, another active trader, echoed a similar outlook. Commenting on Bitcoin’s latest surge, he said, “I think it’s finally time for $LTC to pump!” He set his eyes on the same $117 mark, expecting Litecoin to catch up with broader market momentum.
Derivatives Activity Signals Rising Confidence
Adding more weight to this outlook, another chart analyst, The Cryptomist, highlighted a breakout from a falling wedge pattern. She confirmed adding to her long position and placed target at $115. This adds to the chorus of traders seeing Litecoin’s structure shifting in favor of buyers.
Beyond technical patterns, derivatives data supports this bullish mood. In the last 24 hours, Open Interest in Litecoin has increased by 6.14%, now totaling $647.38 million. This uptick shows rising activity in futures and options trading, with more capital being committed to potential price movement.
At the same time, the OI-weighted funding rate sits slightly positive at 0.0114% on an 8-hour chart. That means traders holding long positions are paying those shorting the asset, a sign that more expect prices to rise than fall.
Litecoin Holds Key Support Zone
Litecoin’s price now sits just under its 200-day simple moving average at $100. At the same time, it remains above the 200-day exponential moving average at $93. This area between $93 and $100 is now acting as a decision zone where the next major move could start.
The RSI, a gauge for momentum, has moved above 50. That generally reflects buying strength beginning to take hold again. If Litecoin breaks past $100, traders say the next stop could be $117.5, in line with the targets set by Runefelt and FZ.
With growing interest, supportive technicals, and rising futures activity, Litecoin could be preparing for a stronger move. The coming days may show whether buyers have enough strength to take it through the last hurdle.
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