After dropping to $106 on February 25th, Litecoin (LTC) witnessed a 20% growth, initiating a V-shaped recovery trend. The digital currency, which was trading below its 50 and 100-day moving averages for a while, has now regained its upward momentum, outperforming most digital assets. Data shows that during the recent correction, Litecoin’s open interest dropped from $885 million to $525 million, indicating a 40% decline between February 20th and 26th. However, a sudden 10% increase in open interest along with price growth was observed in the past 24 hours. Additionally, the rising funding rate confirms that long positions outweigh short positions. Poseidon, a digital currency analyst, predicts Litecoin could reach $300. Meanwhile, Mihir, a technical analyst, has a higher price target in mind. According to Mihir, Litecoin reached $350 in 2017, which is considered a 310-fold increase. Although Litecoin couldn’t break the $140 resistance in the past three months, its current price shows signs of strength. If it closes above $133 at the end of the week, it will mark the highest level since January 2022. You can track the prices of all tokens and cryptocurrencies in real-time on the live digital assets price page.
