Litecoin is the only cryptocurrency in the top 50 with near double-digit gains over the past 24 hours. Cointelegraph explains why. <\/p>\n
<\/span> 4484 <\/span> Total views <\/span><\/p>\n 2 <\/span> Total shares <\/span><\/p>\n<\/div>\n Litecoin (LTC) <\/a>demonstrated a V-shaped recovery of 20% after dropping to $106 on Feb. 25. After a brief decline below the 50-day and 100-day exponential moving averages (EMAs), the altcoin has regained a bullish position and is currently outperforming a majority of assets within the crypto market.<\/p>\n Litecoin 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Litecoin\u2019s current performance implies it is on an asymmetric rally versus the wider crypto market, and most LTC futures traders maintain a clear directional bias. Data<\/a> highlights a clear trend where LTC\u2019s open interest has consistently peaked at $140. <\/p>\n Litecoin open interest, funding rate and liquidation chart. Source: Velo.data<\/em><\/p>\n<\/figcaption><\/figure>\n During LTC\u2019s recent correction, its open interest dropped from $885 million to $525 million, which is a 40% drop between Feb. 20 and Feb. 26. However, a majority of the OI declined within the first three days. It remained flat during LTC\u2019s drawdown in the past two days.<\/p>\n In the past 24 hours, a flash OI spike of 10% was observed alongside a price rise, which might imply fresh long positions from traders. The rise in the funding rate further confirmed that more longs were currently active than shorts. <\/p>\n In light of that, Tyler, an anonymous crypto trader, said<\/a> that the altcoin presented \u201cone of the best charts in crypto.\u201d <\/p>\n The sentiment was followed up by Poseidon, a crypto analyst who predicted<\/a> that Litecoin is targeting a new all-time high at $300. <\/p>\n However, a technical analyst, Mihir, believed the long-term target could be even higher. <\/p>\n The analyst said, <\/p>\n \u201cLTC hit $350 USD during 2017 \u2014 a 310x move. It retested the 2017 high during the 2020 bull run but failed to make a new ATH. In the current (2023-2025) bull run, it hasn\u2019t moved much yet, but it is indicating an upside move this year. If it breaks above $250 USD, then $1,000 is feasible.\u201d<\/p><\/blockquote>\n Litecoin 1-month analysis by Mihir. Source: X.com<\/em><\/p>\n<\/figcaption><\/figure>\n Related: M2 money supply could trigger a \u2018parabolic\u2019 Bitcoin rally \u2014 Analyst<\/strong><\/em><\/a><\/p>\n As illustrated in the chart below, Litecoin\u2019s weekly price action is exhibiting strength, and a candle close above $133 will mark its highest level since January 2022. However, the altcoin has failed to break above its overhead resistance at $140 over the past three months. <\/p>\n With supply-side liquidity (yellow box) available on the upside, LTC needs a weekly close above $133 to invalidate its resistance range. <\/p>\n Litecoin 1-week chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n<\/picture><\/div>\n
Bitcoins Litecoin has \u201cone of the best charts in crypto\u201d<\/h2>\n
Bitcoins Overhead resistance hangs at $140<\/h2>\n