Litecoin (LTC) Nears Breakout, $200 Price Target Next?
Amidst ongoing market uncertainty, Litecoin (LTC) has received significant attention from crypto enthusiasts due to its impressive performance in recent days. While studying current market trends and asset outlook, a well-known crypto expert released X (formerly Twitter) and made bold predictions for LTC.
Litecoin price forecast
In a post on X, experts noted that Litecoin is growing momentum, but is currently relocating within the merger area of $96.50 to $140. Breakthroughs from this range, followed by closing the $141 candle every day, could pave the way for $170 and $200 rallies.
Except for experts LTC COINPEDIA’s technical analysis shows that the asset trades above the 200 exponential moving average (EMA) over the daily time frame, indicating an uptrend. From a positive point of view, the LTC’s relative strength index (RSI) is close to overbought areas, indicating that the asset has room to rise and maintain its upward momentum.
$23 million worth of Litecoin (LTC) outflow
As revealed by the on-chain analysis company Coinglass, traders and investors are betting on long-term positions and amassing LTC, given this bullish price action.
Spot inflows and outflows show that the exchange has witnessed a large outflow of $28 million worth of LTC in the past 24 hours. The massive outflow of exchanges suggests potential accumulation, which could drive buying pressure and further upward momentum.
Main liquidation levels and current price momentum
In addition to the potential accumulation of long-term holders, day traders also seem to follow a bullish trend. At press time, traders holding long positions were valued at $120.90 with a long position worth $5.85 million.
Meanwhile, traders in short positions are highly leveraged at $122.30, with short positions of $1.6 million. But once the price moves in any direction, short-term and long positions worth millions of dollars will be liquidated.
Litecoin (LTC) is trading close to $121.90, experiencing a 2% price increase in the past 24 hours. However, during the same period, its trading volume increased by 30%, with traders and investors increasing participation compared to the previous day.
