After establishing a robust macro support level above $59 since August 2023, Litecoin’s (LTC) price has signaled an imminent bullish breakout in the near term. The mid-cap altcoin, with a fully diluted valuation (FDV) of about $6.4 billion, registered a 107 percent spike in its daily average traded volume to hover around $1.73 billion on Tuesday, November 12, during the early New York session.
Following last week’s 14 percent pump, Litecoin price has signaled an imminent bullish rebound in the near term. Moreover, the weekly Relative Strength Index (RSI) has surged above the 50 percent level for the first time since May this year.
From a technical standpoint, LTC price is aiming for the next liquidity range between $100 and $112, which coincides with the 0.786 and 1 weekly Fibonacci Retracement.
Top Reasons Why Litecoin Price Will Gain Bullish Momentum Soon
As a top-tier altcoin that is secured through the proof-of-work (PoW) consensus method, the Litecoin network has attracted more crypto enthusiasts seeking to mine and invest. According to the latest on-chain data, the Litecoin network takes pride in more than 7.7 million holders.
Market data provided by IntoTheBlock shows that the Litecoin balance held by short-term holders has spiked by 31 percent in the last month. Worth noting that Litecoin’s Open Interest-weighted funding rate has recently spiked to a new multi-month high, suggesting more investors are anticipating a bullish breakout.
Moreover, more institutional investors have been eyeing Litecoin as an alternative coin to Bitcoin in the ongoing macro bull market.
As Coinpedia previously reported, Litecoin is one of the altcoins that could soon get a spot ETF approved in the United States upon the next administration.
