Litecoin $65 (LTC) is showing strong bullish momentum by breaking above a key trend line. Trading at $65.33 as of press time, this move could signal the start of a larger upward move.
“This move could initiate a larger upward trend for LTC towards $72, $82, $90, and $108,” crypto analyst Jonathan Carter wrote on the X platform.
Does Network Activity Support Price Increases?
Litecoin’s on-chain activity is showing promising growth. Active addresses increased from 285,924K to 289,064K in the last 24 hours. This increase indicates that interest in Litecoin is increasing and could support an upward price movement.
However, on-chain signals present a more complex picture. While net network growth is at a neutral level of 0.34%, concentration levels reflecting the behavior of large holders are showing a slight downward trend at -0.27%, suggesting that large investors may still be cautious.
Are Technical Indicators Pointing to More Gains?
Technical indicators for Litecoin are mixed but promising. Bollinger Bands are showing an increase in volatility and the current price is trading near the upper band at $66.24. This indicates momentum for an upward move.
The Relative Strength Index (RSI) is at 53.37, indicating a slight uptrend. If the RSI approaches overbought levels, sustainable momentum can be confirmed.
Key Levels for Litecoin’s Next Move
With Litecoin successfully breaking out of its falling channel, we have a few key levels on our radar. If the current momentum continues, the first significant resistance level will be $72. Beyond that, historical patterns and technical projections suggest Litecoin could climb toward $82, $90, and $108.
Litecoin’s recent price action and network activity are setting the stage for a potential rally, but it’s important for investors and traders to remain cautious and closely monitor technical and on-chain metrics. The sustainability of these indicators will determine whether the bullish momentum continues.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
