Litecoin (LTC) has captured the crypto spotlight with an impressive 35% surge this week, reaching a high of $131.50 on Binance. The rally comes amid strong market momentum and heightened activity from miners, leaving many wondering if Litecoin could break through the $150 milestone.
Miners Fuel Litecoin’s Ascent
A key driver of Litecoin’s recent rally is the active accumulation by miners. On-chain data reveals that between December 10 and December 16, miners added 140,000 LTC—valued at approximately $18 million—to their reserves.
This accumulation trend is significant. When miners hoard coins instead of selling them, they limit the supply entering the market, creating upward pressure on prices. Combined with strong demand, this dynamic has propelled Litecoin’s impressive performance, outperforming competitors like Ethereum, Cardano, and Solana over the past week.
Historical data supports this trend, as miner accumulation often precedes sustained bullish momentum. If miners continue their buying spree, it could attract additional traders, amplifying Litecoin’s price growth.
Litecoin jumps 10.07% in 24 hours to $127.409. A bullish day indeed, marking its highest single-day gain since early December.
— AAXXII – Decentralised Venture Fund (@aaxxiilaunchpad) December 18, 2024
How are you positioning with $LTC's momentum? #Litecoin #CryptoBull #MarketWatch
Can Litecoin Break $150?
Currently, Litecoin is testing a critical resistance level at $127. Breaking above this level would open the path to $135, with $150 as the next major target. This bullish scenario is supported by a recent spike in trading volume, signaling growing buyer confidence.
Also Read: Litecoin (LTC) Price Outlook: Will It Break Above $125 in 2024?
However, the bullish narrative hinges on Litecoin holding its support at $118. A drop below this level could trigger a correction, with the next major support at $100.56. As long as miners continue accumulating and demand remains strong, the $150 mark is well within reach.
Outlook: Momentum in Favor of Litecoin
Litecoin’s 35% surge highlights its strong market momentum, driven largely by miner activity. With resistance levels being tested and buyer confidence growing, the potential for a move to $150 looks increasingly promising. Traders should watch key levels like $127 for a breakout while keeping an eye on $118 as critical support.
If Litecoin sustains its bullish trend, this rally could mark the beginning of even greater gains, solidifying its position as one of the top-performing cryptocurrencies this week.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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