๐ช LTC Bulls in Command โ Eyes on the $200 Target ๐
Litecoin (LTC) has broken out of its ascending channel pattern, signaling the potential for an accelerated rally. Trading above $133 as of Wednesday, the breakout comes alongside a surge in Open Interest (OI) and a rising hashrate โ both strengthening the bullish outlook.
๐ Open Interest Hits Record High
According to CoinGlass, LTC futures OI soared to a record $1.27 billion, up from $832 million in early August. This jump shows fresh capital entering the market, fueling buying pressure and supporting higher prices.
โก Strong Network Fundamentals
Litecoinโs hashrate continues to climb, boosting mining power and improving network security โ a factor that often increases investor confidence. Coinglass data also shows a long-to-short ratio of 1.08, the highest in a month, reflecting growing bullish positioning.
๐ฏ Technical Outlook
The breakout above the channel suggests an upside target near $200, based on the patternโs measured move. Before that, bulls may face resistance around $147 (December 5 high). On the downside, immediate support lies near $125 at the upper boundary of the former channel.
If momentum holds, Litecoin could be on track for its biggest rally in months โ with $200 in sight.