Litecoin Surges 8.5% in 24 Hours, Flips Avalanche and Sui
1min read Litecoin has been making waves in the cryptocurrency market, with a significant price surge of over 8.50% in the past 24 hours. This impressive performance has not only allowed Litecoin to outperform major assets like Bitcoin and Ethereum but also flip Avalanche and Sui. At press time, Litecoin was trading near $131.50, gaining massive attention and participation from traders.
Data from CoinMarketCap and IntoTheBlock showed that trading volume and daily active addresses for Litecoin have soared by 65% and 7.5%, respectively, indicating increased interest and activity in the asset. On-chain analytics firm Coinglass reported that bulls were dominating the asset, with long-term holders and investors accumulating tokens. Spot inflow/outflow data revealed an outflow of $3.15 million worth of LTC tokens from exchanges, further suggesting potential accumulation.
In such market conditions, experts and analysts view this bullish sign as a potential driver of buying pressure and further upside momentum. However, intraday traders are also betting on the bullish side, with over-leveraged positions at key levels. At press time, traders were going long at $129.5, holding $7.60 million worth of open long positions, while short traders were over-leveraged at $134, holding $3.53 million worth of short positions. This on-chain data and the presence of over-leveraged positions indicate that bulls are currently in control and could support Litecoin in sustaining its upward momentum.
This rising interest from traders and investors, combined with the impressive price surge, has pushed Litecoin to a crucial resistance level of $140. Historically, this level has triggered selling pressure and price drops. However, the asset also appeared to be forming a bullish inverted head and shoulders pattern on the daily timeframe, with the same resistance level acting as the neckline. Based on the recent price momentum, if Litecoin continues this upside movement and breaks the resistance level, closing a daily candle above $140, it could surge by 25% to reach $180 in the coming days.
