Litecoin's price closed above its weekly resistance level of $96.30, which might mean that a positive move is coming.

According to sentiment data, big wallets are buying up LTC tokens.
The technical outlook and derivatives data point to a continuation of the gain, with a goal of $107.5.

Litecoin (LTC) is trading just over $98 at the time of writing on Thursday. This is the fifth day in a row that the price has gone up, after a close above its critical resistance mark the day before. Data from the blockchain implies that the surge will continue since bigger wallets are buying LTC tokens, which shows that traders are becoming more confident. Derivatives and the technical picture back up this bullish thesis, with LTC bulls aiming for the $107.5 milestone.

Litecoin's big wallets grow as smaller holders sell their coins.
The Supply Distribution data from Santiment backs up a positive view of Litecoin since the number of large-wallet holders (whales) is going higher.

The statistic shows that whales with between 1 million and 10 million LTC coins (yellow line) have gained 360,000 tokens between June 5 and Thursday. During the same time, wallets with between 100,000 and 1 million LTC coins (red line) lost 140,000 tokens.

This means that the second group of whales could have been affected by the capitulation incident. The first group of wallets, on the other hand, took advantage of the situation and bought Litecoin at a lower price.

According to CoinGlass derivatives data, the Open Interest (OI) for LTC has gone up by 9.52% in the previous 24 hours, bringing the total to $746.84 million. An increase in OI means that fresh or more money is coming into the market and people are purchasing more, which might help the current LTC price rise.


Also, the LTC OI-Weighted Funding Rate data reveals a huge positive jump, reaching 0.022% on Thursday. This means that longs are paying shorts. In the past, as indicated in the figure below, Litecoin prices have gone up substantially when financing rates have gone up a lot.

Litecoin Price Prediction: LTC bulls want prices to go beyond $100
Litecoin's price closed above the weekly resistance level of $96.30 on Wednesday. On Tuesday, it found support around its 50% Fibonacci retracement level of $91.61 (taken from the May 10 high of $107.05 to the June 22 low of $76.17) and the 200-day Exponential Moving Average (EMA) level of $91.78. As of Thursday, when this was written, it was still trading higher, at around $98.27.

If LTC keeps going higher, it might go back to the May 10 peak of $107.05.

The Relative Strength Index (RSI) on the daily chart is at 67, which is above its neutral line but below the level of overbought circumstances. This means that the market is moving strongly in a positive direction. At the end of June, the Moving Average Convergence Divergence (MACD) showed a bullish crossing that is currently in place. The green histogram bars above the neutral zero line are becoming taller, which means that bullish momentum is growing.

If LTC goes down and closes below the weekly level of $96.30, it might keep going down until it finds support around the 200-day EMA at $91.78.

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