💪 LTC Bulls in Control — Next Stop: $200

Litecoin price breaches an upward channel, suggesting an acceleration.

Open Interest hits a record $1.27 billion, and hashrate rises, improving network security.

Technical setup favors a rally to $200

After breaking out of an ascending channel pattern, Litecoin (LTC) traded over $133 on Wednesday. This breakthrough usually starts an accelerated ascent backed by increased Open Interest (OI) and hashrate, aiming $200 .

Open Interest for Litecoin peaks at $1.27 billion

CoinGlass data reveals that exchange Litecoin futures OI reached a record $1.2 billion on Wednesday from $832 million in early August. Rising OI indicates fresh money entering the market and purchasing, which might drive the LTC price increase.

As demonstrated in the graph below, Litecoin's hashrate has been climbing since its introduction, increasing mining power and network security, boosting investor trust in the LTC network.


Growing optimistic wagers among LTC traders support this upbeat story. Coinglass's LTC long-to-short ratio is 1.08, the highest in a month.

Bulls want $200 for Litecoin

Tuesday's Litecoin price closed above the ascending parallel channel pattern (made by connecting many highs and lows with two trendlines from mid-March). Technical targets are generally forecast as the channel's height from the breakout point of this pattern, favoring bulls. As of Wednesday, it trades over $133.

If LTC keeps rising, it might reach its technical objective of $200. Any higher move might face resistance near the December 5 high at $147.00, where traders could book gains. Investors should be cautious.

LTC may find support around $125 at the upper channel trendline boundary if it corrects.

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