Analysis: Litecoin price rebounds 20%, traders open new long positions
As Cointelegraph reported, Litecoin (LTC) has staged a 20% V-shaped rebound after falling to $106 on February 25. After briefly falling below the 50-day and 100-day moving averages, LTC has regained its bullish status and outperformed most crypto assets.LTC’s open interest fell 40% from $885M to $525M between February 20 and 26. Over the past 24 hours, open interest has surged 10% as prices have risen, indicating that traders are taking new long positions.Anonymous trader Tyler called LTC "one of the best charts in crypto." Analyst Poseidon predicts a $300 target for LTC, while technical analyst Mihir believes the long-term target could be higher, with $1,000 possible if it breaks $250.
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