Litecoin Surges 25% Against Bitcoin, Eyes $170 Breakout
1min read Litecoin, at the time of writing, was testing key resistance levels, with a potential breakout towards $170 if it holds. On-chain signals and the MVRV ratio hinted at sustained growth, supported by rising market sentiment. Litecoin [LTC] recorded a remarkable surge in February, gaining by +25% against Bitcoin and exhibiting some strong bullish sentiment. At press time, Litecoin was trading at $127.08, following a solid 8.14% hike over the last 24 hours alone. The crypto’s impressive price action coincided with a surge in active addresses too, with the same climbing to over 445k for the first time since early February.
An assessment of Litecoin’s price action suggested that the cryptocurrency was trading within a consolidation zone. The upper resistance was marked at $137.83, while the lower support level sat at $114.33. At press time, the altcoin seemed to be edging closer to the resistance zone. If Litecoin manages to break above $137.83, it could trigger a rally towards $170. However, if the price fails to surpass this resistance, it may retreat back into the consolidation range, testing the support level at $114.33 or even the lower $98.18-level. Therefore, the crypto’s next major move will depend on its ability to break through the resistance and hold above these critical levels.
On-chain metrics for Litecoin supported this bullish thesis, indicating growing market demand. For example – The Net Network Growth metric increased by 0.34%, highlighting more new addresses joining the network. Additionally, large transactions rose by 1.73%, signaling greater interest from institutional players or high-net-worth individuals. The concentration of LTC in a few addresses low to has remained low too, which is a positive signal for price growth. Therefore, these on-chain indicators, together, suggested that demand for LTC remains strong.
The MVRV (Market Value to Realized Value) ratio has been steadily rising too, with the same currently at 0.669. This steady hike meant that LTC’s market value was still relatively low, compared to its true value – A sign that the cryptocurrency could have more room to grow. A rising MVRV ratio is a bullish signal, especially 