The return of the surge king? Litecoin rises against the trend, closing in on the $100 mark!

As Bitcoin breaks through $97,000, Layer 1 cryptocurrency Litecoin (LTC) leads the charge, topping the 24-hour gain list. Despite the U.S. SEC delaying the Litecoin spot ETF application from Canary Capital, this negative news did not deter LTC's upward momentum; instead, it boosted market confidence.

In the short term, Litecoin is facing some correction pressure, with both MACD and Chaikin Money Flow (CMF) sending cooling signals, and CMF is near the midpoint, indicating weakening buying momentum. However, on-chain data shows that the network's net profit and loss (NPL) has risen, indicating that unrealized profits are accumulating. Once sentiment shifts to greed, it could trigger the next wave of upward movement.

The weekly chart shows that LTC has solidified an upward channel structure since July 2022, and is currently challenging the $100 mark again. RSI is gradually rising close to the midpoint, and MACD is also nearing a positive reversal, with momentum turning neutral, suggesting a direction is about to be chosen.

If buying pressure weakens, LTC may retreat to $85; if the strength continues, it could aim for $105 within two weeks. Litecoin is quietly brewing the next round of bull market highlights! Are you ready?