Litecoin Price Targets $100 as Short-Term Holders Increase by 31%
Elena R12 Nov 20241 min read
Since establishing a solid support level above $59 in August 2023, Litecoin (LTC) has been signaling a potential bullish breakout. The altcoin, with a fully diluted valuation (FDV) of roughly $6.4 billion, saw its daily trading volume soar by 107% on Tuesday, November 12, reaching around $1.73 billion in early New York trading hours.
After last week’s 14% price rally, Litecoin’s momentum has continued to build. The weekly Relative Strength Index (RSI) crossed the 50% mark for the first time since May 2023, showing increased buying pressure and a positive market outlook.
Technically, Litecoin is targeting a price range of $100 to $112, a critical area that aligns with the 0.786 and 1 weekly Fibonacci Retracement levels, signaling where the next liquidity may reside.
Why Litecoin Could Continue to Rise
As a prominent altcoin using a proof-of-work (PoW) consensus mechanism, Litecoin remains attractive to miners and investors alike. On-chain data reveals over 7.7 million Litecoin holders, highlighting its popularity and robust community backing.
Market analysis from IntoTheBlock shows that the balance of Litecoin held by short-term investors rose by 31% over the past month. Furthermore, Litecoin’s Open Interest-weighted funding rate recently hit a multi-month high, a signal that more investors expect a bullish move.
ETF Approval on the Horizon?
Institutional interest in Litecoin as an alternative to Bitcoin is also growing, fueled by the ongoing macro bull market. Coinpedia has reported that Litecoin could be one of the altcoins eligible for a U.S. spot ETF approval under the next administration, which could further enhance its appeal and price potential.
With momentum building and market eyes watching, Litecoin’s next move could craft its position among top altcoins.
