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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Litecoin Sharks Push Price Over $75, LTC Likely to Keep On Rising

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Litecoin

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Litecoin has experienced a significant price surge on low timeframes and hints at a possible bullish continuation. The cryptocurrency is moving higher than more significant assets in the space, and it’s making its way to the top 10 by market capitalization. 

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The current market landscape and on-chain activity support a bullish thesis. As of this writing, Litecoin already overtook Solana (SOL) and Shiba Inu (SHIB) in this ranking. LTC’s price is trading at $78 with 15% and 35% profits in the last 24 hours and the previous week, respectively. 

Litecoin LTC LTCUSDT
LTC’s price rallying on the daily chart. Source: LTCUSDT Tradingview

Litecoin On Track For Further Gains?

Data from research firm Santiment indicates that prominent players have accumulated Litecoin over the previous two weeks. These players anticipated the current bullish momentum. 

The firm noted that addresses holding from 1,000 to 100,000 Litecoin accumulated over $40 million in the cryptocurrency over this period. Santiment pointed out the following while sharing the chart below:

Litecoin’s price surge may have shocked some of you, but the large address accumulation has been the key to watch. In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.

Litecoin LTC LTCUSDT Chart 2
Source: Santiment

As the chart shows, the Litecoin accumulation trend has lost strength. Large LTC holders might take some profits at current levels before resuming their accumulation pattern. 

Additional data from Material Indicators point to substantial support for LTC’s price at $55 to $60. These areas should operate as critical support in case of a retrace. 

As seen in the chart below, Material Indicators and Santiment coincide with the buying pressure triggered by investors with bid orders of above $10,000. Retail investors have also been supporting the LTC price rally. 

Litecoin LTC LTCUSDT Chart 3
Source: Material Indicators via Twitter

 

Why Is Litecoin Likely To Trend Higher

Several factors point towards further appreciation for Litecoin. First, the macroeconomic landscape is becoming more favorable for risk-on assets. Inflation in the U.S. dollar is declining, with economic growth following. 

This change might give the U.S. Federal Reserve room to pivot its monetary policy, allowing Litecoin, Bitcoin, Ethereum, and the crypto market to record more profits. The possibility of a Fed pivot is still far, but the market conditions are shifting after a long capitulation period for the nascent sector. 

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In addition, Litecoin has historically operated as a leading indicator for bullish momentum during crypto bear markets. As seen in the chart below, LTC was one of the first digital assets to Bullrun into uncharted territory. Will history repeat?

$LTC is Repeating previous bottom Fractal ✍️

Every bottom there is a consolidation inside a range followed by –

1) Fakeout ✅
2) Breakout attempt ✅
3) Throwback ✅
4) Markup 👀#LTC #Litecoin #altcoin pic.twitter.com/MmaqPw3cvC

— Mags (@thescalpingpro) November 23, 2022 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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