LTC News: Litecoin Stuck in $90 to $130 Range Due to Exchange Netflow Pattern

According to IntoTheBlock's analysis, Litecoin's price has been fluctuating within a narrow range due to a specific pattern in the Litecoin Exchange Netflow. Read on to learn more about this interesting phenomenon.

IntoTheBlock Explains Why Litecoin Remains Stuck in $90 to $130 Range

According to the market intelligence platform IntoTheBlock, Litecoin has been stuck within the $90 to $130 price range due to a specific pattern observed in the Litecoin Exchange Netflow. This on-chain indicator tracks the net amount of cryptocurrency entering or exiting wallets associated with centralized exchanges. Positive values indicate that inflows exceed outflows, typically indicating investors depositing coins for potential sale. The analytics firm discussed this pattern in a recent post on X, highlighting its significance in Litecoin's price consolidation.

Litecoin (LTC) Surges 9% in 24 Hours: Analysts Predict Potential Upswing

Litecoin has experienced a significant 9% increase in value over the past 24 hours, currently trading close to $135. Market analysts are eyeing key resistance levels, anticipating a possible breakout above $135 that could trigger a substantial upward move. The growing expectation of a spot LTC ETF, with approval odds exceeding 80% by 2025, is fueling bullish sentiment and driving increased interest in the asset. In contrast, the broader cryptocurrency market has been less dynamic, with many leading digital assets consolidating or showing minor losses.

Litecoin bulls target $170 as open interest hits four-year high

Litecoin price has extended its gains this week, rallying over 7%. The open interest in LTC has reached a four-year high of $887 million, hinting at a possible continuation of the rally. Additionally, a senior ETF analyst at Bloomberg reports a 90% chance of Litecoin Exchange Traded Funds (ETFs) approval, further supporting the bullish outlook for LTC. Bulls are now targeting the $170 mark.