🚀 Litecoin Revenue Soars — Is This the Start of a Massive B
koinmilyoner
Updated at: 2 hours ago
{"content":"🚀 Litecoin Revenue Soars — Is This the Start of a Massive Breakout?
Litecoin's price is stuck in a falling wedge shape, and a breakthrough might start a rally.
On-chain and derivatives statistics show an optimistic outlook since fee collection and bullish bets are at their best levels in a month.
The technical view shows that negative momentum is waning, which makes the argument for a forthcoming move higher even stronger.
Litecoin (LTC) is trading in a falling wedge formation around $112.5 at the time of writing on Thursday. A breakthrough might start a rebound. On-chain activity and derivatives data point to an optimistic prognosis as LTC's fee collection reaches a seven-month high and bullish bets reach their greatest monthly level. The technical trend points to bulls regaining control shortly, which might lead to a rise.
Litecoin is becoming more popular with traders
Artemis Terminal data shows that Litecoin fees went up from $1,000 on Saturday to $2,100 on Monday, the highest amount since January 26. This shows that traders are becoming more interested in Litecoin and there is more liquidity in the LTC chain.
In addition to this, the LTC hash rate has quadrupled in little over 18 months, which means that the network is safer and miners are more confident in the ecosystem.
Litecoin's price is moving within the falling wedge pattern that has been formed since early August by linking a number of highs and lows with two trendlines. When this pattern breaks out, it usually helps the bulls. On Monday, LTC price found support around its 100-day EMA at $106.13. In the following two days, it went up 4%. On Thursday, when I wrote this, it was trading for around $112.54.
If LTC breaks through the top of the wedge formation, the rally might go on to its August 14 high of $134.29.
But if LTC has to correct, it might keep falling until it finds support around its 100-day EMA at $106.13.
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