Litecoin (LTC) Nears Breakout, $200 Price Target Next?

The post Litecoin (LTC) Nears Breakout, $200 Price Target Next? appeared first on Coinpedia Fintech News

Amid the ongoing market uncertainty, Litecoin (LTC) is gaining significant attention from crypto enthusiasts due to its impressive performance in recent days. While examining current market trends and asset outlooks, a prominent crypto expert posted on X (formerly Twitter) and made a bold prediction for LTC.

Litecoin Price Prediction 

In a post on X, the expert noted that Litecoin is gaining momentum but is currently moving within a consolidation zone between $96.50 and $140. A breakout from this range, followed by a daily candle closing above the $141 level, could pave the way for a rally toward $170 and $200.

Besides experts’ LTC outlook, CoinPedia’s technical analysis indicates that the asset is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, signaling an uptrend. On a positive note, LTC’s Relative Strength Index (RSI) is near the overbought region, suggesting that the asset has room to rise and maintain its upward momentum.

$23 Million Worth Litecoin (LTC) Outflow 

Looking at this bullish price action, traders and investors are betting on long positions and accumulating LTC, as revealed by the on-chain analytics firm Coinglass.

Data on spot inflows and outflows shows that exchanges have witnessed a significant outflow of $28 million worth of LTC in the past 24 hours. This substantial outflow from exchanges hints at potential accumulation, which could drive buying pressure and further upside momentum.

Source: Coinglass

Major Liquidation Level and Current Price Momentum 

Besides the potential accumulation by long-term holders, intraday traders also appear to be following the bullish trend. At press time, traders holding long positions are over-leveraged at the $120.90 level, with $5.85 million worth of long positions.

Meanwhile, traders holding short positions are over-leveraged at the $122.30 level, with $1.60 million in short positions. However, these millions of dollars worth of short and long positions will be liquidated once the price moves in either direction.

Litecoin (LTC) is trading near $121.90 and has experienced a 2% price surge in the past 24 hours. However, during the same period, its trading volume jumped by 30%, indicating heightened participation from traders and investors compared to the previous day.