- Litecoin is trading above $98 after breaking key resistance, with large wallets accumulating and technical indicators showing bullish strength.
- Derivatives data supports a continued rally, with LTC potentially targeting the $107 level.
Litecoin (LTC) is showing signs of a potential breakout as it continues to gain traction above a crucial resistance level. Large wallets are scooping up LTC, signaling renewed investor confidence and strengthening the bullish case for the asset.
Litecoin Whales Buy In While Small Holders Exit
Litecoin’s price closed above its weekly resistance at $96.30 and is currently trading near $98.27, marking its fifth consecutive day of gains. On-chain data from Santiment reveals that large holders—those with 1 million to 10 million LTC—have accumulated 360,000 tokens since June 5. In contrast, smaller wallets have reduced their positions by 140,000 tokens, suggesting that some investors exited during volatility while whales took advantage of discounted prices.
This shift hints at strategic buying by seasoned traders, which often precedes a rally.
Derivatives Point to More Upside
According to CoinGlass, Litecoin’s Open Interest has jumped 9.52% in the last 24 hours, reaching $746.84 million. This surge signals new capital entering the market—often a precursor to sustained price growth. Additionally, the OI-Weighted Funding Rate has spiked to 0.022%, a bullish indicator showing that long positions are paying shorts, a setup that historically correlates with LTC price surges.
Technical Indicators Support the Rally
Technically, Litecoin is building strong bullish signals. The daily Relative Strength Index (RSI) stands at 67—above neutral but below the overbought zone—indicating more room for upside. The MACD also remains in bullish territory, with rising green bars reinforcing the upward trend.
LTC recently found support around its 50% Fibonacci retracement level at $91.61 and the 200-day EMA at $91.78. This solid foundation boosts the probability of LTC retesting its May 10 high of $107.05 in the near term.
If Litecoin maintains its position above $96.30, bulls could push toward the $107 mark. However, a close below that level could trigger a retracement back to $91.78. For now, technicals, on-chain accumulation, and derivatives data all favor the bulls.
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