Litecoin miners have acquired 150,000 LTC in the last month.
With gates open for $150 and above, LTC is experiencing a macro uptrend.
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With Litecoin’s open interest rising 44% to over $678 million, strong price action is likely ahead.
Recently, Litecoin has shown remarkable velocity; in the last day alone, its price has increased by 12% to $106. The noteworthy increase in daily trade volume, which has increased by 175% to $1.87 billion, is interesting. This increase suggests that investors are interested in altcoins. The price of Litecoin (LTC) has increased by 43% since the beginning of 2024, and a significant amount of these gains have occurred in the last week.
The price of Litecoin Verifies the Macro Uptrend.
For Litecoin (LTC) fans, this is a big event as the cryptocurrency has jumped by an amazing 22% after a successful retest of its multi-year Macro Downtrend, which it saw as newfound support. With this achievement, the protracted Macro Downtrend for LTC comes to a close, and a new Macro Uptrend begins.
Litecoin’s continued upward trajectory depends on staying above the critical $94 threshold in the coming days. Furthermore, Litecoin investors are looking for a Monthly Close above the significant orange resistance level, currently at $122. Analysts have already projected LTC profits of at least $150.
According to well-known cryptocurrency expert Rekt Capital, historically, a breakthrough of this kind and the subsequent building of support, similar to the pattern seen in 2020/2021 (green circle), suggest favorable trends for Litecoin’s advance.
Supporters of Litecoin have been anxiously expecting new advancements and possible breakthroughs, closely monitoring the cryptocurrency’s performance against significant resistance levels to determine its future course.
Miners of Litecoin Are Actively Adding Coins
The significant accumulation occurring through LTC miners has been one of the main drivers of the Litecoin price increase. IntoTheBlock data indicates that miners of Litecoin accumulated 150,000 LTC coins in March, increasing their holdings from just over 2 million LTC on February 29 to 2.2 million LTC on March 29.
The recently acquired 150,000 LTC is worth almost $16 million at the current price of Litecoin. This notable 30-day increase in miners’ reserves further reinforces the market’s positive sentiment.
Miners’ hoards indicate that fewer newly created coins will enter the market, allowing bullish investors to take the lead. Furthermore, the fact that miners hang onto their holdings, hoping for future price growth, suggests their trust in LTC’s short-term price trajectory.
LTC Open Interest Increases
The Litecoin open interest has increased by an astounding 44%, reaching $678.86 million, according to Coinglass data. When open interest growth outpaces price movement at the beginning of a breakout, traders are bullish about the trend’s potential to continue. Their willingness to create new roles or expand current ones demonstrates this attitude.
