Litecoin (LTC) price rallies while Bitcoin and the wider crypto market crash

Litecoin (LTC) demonstrated a V-shaped restoration of 20% after dropping to $106 on Feb. 25. After a quick decline under the 50-day and 100-day exponential transferring averages (EMAs), the altcoin has regained a bullish place and is presently outperforming a majority of property inside the crypto market.

Litecoin has “one of the best charts in crypto”

Litecoin’s present efficiency implies it’s on an uneven rally versus the wider crypto market, and most LTC futures merchants preserve a transparent directional bias. Data highlights a transparent development the place LTC’s open curiosity has persistently peaked at $140.

During LTC’s current correction, its open curiosity dropped from $885 million to $525 million, which is a 40% drop between Feb. 20 and Feb. 26. However, a majority of the OI declined inside the first three days. It remained flat throughout LTC’s drawdown in the previous two days.

In the previous 24 hours, a flash OI spike of 10% was noticed alongside a price rise, which could suggest contemporary lengthy positions from merchants. The rise in the funding charge additional confirmed that extra longs had been presently lively than shorts.

In mild of that, Tyler, an nameless crypto dealer, mentioned that the altcoin introduced “one of the best charts in crypto.”

The sentiment was adopted up by Poseidon, a crypto analyst who predicted that Litecoin is focusing on a brand new all-time excessive at $300.

However, a technical analyst, Mihir, believed the long-term goal could possibly be even greater.

The analyst mentioned,

“LTC hit $350 USD during 2017 — a 310x move. It retested the 2017 high during the 2020 bull run but failed to make a new ATH. In the current (2023-2025) bull run, it hasn’t moved much yet, but it is indicating an upside move this year. If it breaks above $250 USD, then $1,000 is feasible.”

Related: M2 cash provide may set off a ‘parabolic’ Bitcoin rally — Analyst

Overhead resistance hangs at $140

As illustrated in the chart under, Litecoin’s weekly price motion is exhibiting power, and a candle shut above $133 will mark its highest degree since January 2022. However, the altcoin has failed to interrupt above its overhead resistance at $140 over the previous three months.

With supply-side liquidity (yellow field) out there on the upside, LTC wants a weekly shut above $133 to invalidate its resistance vary.

Related: Bitcoin units new 3-month low as analyst eyes $93.5K reclaim ‘this week’

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.