logo

Litecoin rises 6% in 24 hours hitting a 3 months high

By: bitcoin ethereum news|2025/05/02 19:45:01
0
Share
copy
Litecoin rose 6.52% in 24 hours to hit a three-month high. As demand for the altcoin grew, LTC broke out of a descending channel. Over the past day, Litecoin [LTC] has made a strong price upswing, rising from a local low of $83 to reach a monthly high of $91. Since hitting these levels, it has slightly retraced on one-hour timeframe. As of this writing, Litecoin was trading at $89. This marked a 6.52% increase over the past 24 hours. Over the same period, the altcoin recorded a 31% increase in its volume, hitting $509.5 million. The surge in volume while prices are increasing indicates rising demand, with buyers entering the market to accumulate the token. As such, traders have been actively accumulating LTC over the past week, signaling growing confidence with the altcoin. Source: IntoTheBlock This accumulation is evidenced by a massive drop in Litecoin’s flow into exchanges. Over the past three weeks, total flows to exchanges aggregated has declined to hit a three-month low. Such a significant decline suggests that inflow into exchanges were declining, reflecting accumulation behavior. Source: IntoTheBlock This behavior is even more dominant among LTC whales. As such, the large holder’s netflow to exchange ratio has declined sustainably over the past three weeks to hit a three-month low. This implies less selling activity by Litecoin’s large holders. Thus, large holders are accumulating more than they are selling, with a positive capital inflow of 116.8k LTC. Source: Santiment This trend is further evidenced by the surge in Litecoin’s scarcity. Looking at the altcoin’s stock-to-flow ratio, it has spiked over the past day to 306. Such a rise in SFR indicates a higher scarcity, with less LTC available for immediate selling. Often, increased scarcity while demand rises or remains constant is a recipe for higher prices. With such massive demand, the question is whether the altcoin can hold onto these gains for a sustained uptrend. Is Litecoin finally ready to rally? According to AMBCrypto’s analysis, Litecoin was experiencing strong demand at press time, with buyers starting to take over the market. The prevailing market conditions could position LTC for more gains. Before this price pump, the altcoin had been trading within a week-long ascending pattern inside a multi-month descending channel. With the recent price upswing, Litecoin has broken through the descending channel and was retesting it at press time. A successful retest will see the altcoin make a major move to the upside. Source: Tradingview Looking at Litecoin’s MACD, it has risen to 1.2 since making a bullish crossover two weeks ago. The continued rise suggests that the altcoin is experiencing strong upward momentum, closing higher highs on daily charts. With the momentum strengthening, it positions the altcoin towards a successful retest. Therefore, if the current demand holds while the upward momentum continues to hold strong, the altcoin could successfully retest the latest move and make a move to $96. However, if the attempt by bulls fails, a pullback will see Litecoin drop to $83. Source: https://ambcrypto.com/litecoin-shakes-off-bearish-pressure-is-96-next-in-line-for-ltc/

You may also like

How to balance risk and return in DeFi yields?

Have these yields ever been reasonable? Have we ever received the compensation we deserve for the risks taken in DeFi, and where should the future spreads be set?

Tom Lee's Ethereum Thesis: Why the Man Who Called the Last Cycle Is Doubling Down on Bitmine

Tom Lee is emerging as one of Ethereum’s most influential supporters. From Fundstrat to Bitmine, his Ethereum thesis combines staking yield, treasury accumulation, and long-term network value. Here is why “Tom Lee Ethereum” has become one of crypto’s most watched narratives.

Naval personally takes the stage: The historic collision between ordinary people and venture capital

Naval personally stepped in as the chairman of the USVC Investment Committee. This SEC-registered fund launched by AngelList attempts to bring top private tech assets like OpenAI, Anthropic, and xAI to the general public with a $500 entry threshold. It is not just a new fund, but a structural experi...

a16z Crypto: 9 Charts to Understand the Evolution Trends of Stablecoins

Stablecoins are evolving from trading tools into universal payment infrastructure, and this process is quieter and more thorough than most people expected.

Refutation of Yang Haipo's "The End of Cryptocurrency"

This may be the true test of cryptocurrency. It's not about whether the price has reached a new high, nor about who will achieve financial freedom in the next bull market, but rather whether, after all the grand narratives have been washed away by cycles, it can still leave behind some simpler, more...

Can a hairdryer earn $34,000? Interpreting the reflexivity paradox of prediction markets

Prediction markets are essentially betting on reality, and when participants can access or even influence this path earlier, the market no longer just reflects reality but begins to shape it in return.

Popular coins

Latest Crypto News

Read more