Litecoin (LTC) is showing strength after breaking above a key weekly barrier at $96.30, hinting at a potential bullish move. As of now, LTC is trading above $98, marking its fifth consecutive green day.
๐ Big wallets are loading up on-chain sentiment indicates that large investors are actively accumulating LTC, even as smaller holders take profits. This divergence could be a sign of rising institutional or high-value trader confidence.
๐ Smaller wallets trim, while whales accumulate
Santimentโs supply distribution data shows that wallets holding between 1M and 10M LTC added over 360,000 coins since June 5. In contrast, wallets with 100Kโ1M LTC reduced holdings by about 140,000 tokens, possibly shaken out by recent volatility.
This suggests a classic shakeout pattern: smaller hands exit, and whales step in to scoop up the dip.
๐ Derivatives market confirms bullish sentiment
CoinGlass reports that Open Interest (OI) for Litecoin is up 9.52% in 24 hours, totaling over $746 million a sign of fresh capital entering the market. Even more telling, LTCโs OI-Weighted Funding Rate jumped to 0.022%, indicating that longs are paying shorts, often a precursor to continued upside.
Historically, LTC has seen sharp rallies after similar spikes in funding rates.
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๐ฎ LTC Price Outlook: Bulls Eye $107+
LTC found support around the 200-day EMA and 50% Fibonacci retracement near $91.60, and the price has since pushed up. If this momentum continues, the next key level is the May 10 high of $107.05.
๐ The RSI sits at 67, showing strength without being overbought, while a bullish MACD crossover supports further upward momentum โ backed by expanding green bars on the histogram.
However, a close below $96.30 could open the door to a deeper retracement toward the $91.78 support zone.
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โ ๏ธ TL;DR:
Whales are accumulating $LTC heavily
Derivatives market shows rising confidence
Price holding strong above key support
Next targets: $100, then $107+
Key support to watch: $96.30 & $91.78
LTC could be gearing up for its next major move keep an eye on volume and price action! ๐
