Image by Eivind Pedersen from Pixabay
Litecoin (LTC/USD) has traded higher in the past month and added to the momentum with a double-digit gain on Wednesday to breach the $80 price level for the first time since May.
As the cryptocurrency market looked to bounce alongside stocks amid fresh buying amid a November rally, Litecoin rose more than 11% to hit an intraday high of $83.43 on Coinbase.
(Click on image to enlarge)
Chart showing Litecoin price surging to highest level since May. Source: TradingView
The double-digit gains were also registered by BNB and Solana.
Why did Litecoin price jump today?
Even with the FTX contagion in full force and broader market jitters still, a fixture, Litecoin’s performance over the past month has been quite impressive. According to data on CoinGecko, LTC/USD has surged nearly 34% in the past week and over 43% in the past 30 days.
According to market intelligence platform Santiment, while Litecoin’s price surge over the past few weeks may surprise some people, on-chain data backs the trend. A chart the platform shared on Twitter on Wednesday shows large investors (popularly called sharks) have aggressively accumulated LTC.
Per the platform, addresses with 1k to 100k LTC have snapped up $43.4 million coins this past two weeks.
⚡️ #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. https://t.co/qkff6FCA1g pic.twitter.com/DM50SjOcAY
— Santiment (@santimentfeed) November 23, 2022
Litecoin’s jump above $80 could also be down to optimism around the coin as it approaches its third halving in 2023. The cryptocurrency had similar price moves in the lead-up to its block reward halving in 2015 and 2019. If the market has bottomed, then LTC could build up some buying momentum ahead of the July/August event.
What next for LTC?
According to crypto analyst Rekt Capital, the $85-98 region is a key resistance zone. Below current levels, Litecoin will remain bullish if bulls achieve a monthly close at $67, the analyst tweeted.
Where have the previous $LTC upside wicks ended? (yellow circles)#LTC upside wicks have gone up to as high to the $85-$98 region (blue) before ultimately rejecting there
— Rekt Capital (@rektcapital) November 23, 2022
Price needs to Monthly Close & hold above $67 to move higher next month#BTC #Crypto #Litecoin https://t.co/BNADb2SWM0 pic.twitter.com/sQ0AYPMFzv
Litecoin reached its all-time high above $410 in May 2021, which means LTC price is down more than 80% from that peak.
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