What to know:
- Litecoin price held near $52.70 as weekly gains stayed above 5% despite weak volume.
- Analysts says Litecoin needs a confirmed break above $70 to start stronger momentum.
- LTC open interest rose 2.13% to $347.64M while daily liquidations reached $223.11K.
Litecoin price experienced a slight decrease in the most recent session on Sunday, 24 May, as the token maintains weekly gains. Trading activity was also subdued in anticipation of a weak demand and general market movement during the trading session.
As of press time, Litecoin (LTC) trades at $52.70, down 0.18% in the past 24 hours, according to CoinMarketCap data. Its trading volume stood at $225.9 million, lower by 21.38%, while the token gained 5.91% over the last seven days.
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Litecoin Price Setup Mirrors Previous Market Cycle
Analyst Emilio Crypto Bojan highlighted that the Litecoin price is showing strength from both technical and fundamental views. He noted that the current chart structure looks similar to a past market cycle. That previous cycle brought LTC from $24 to $413.
The same accumulation and expansion pattern may be taking shape once again, the analyst said. A greater move would require confirmation, he added. According to him, the acceleration can only start once a break above $70 has been confirmed.
His stated entry zone sits between $50 and $54. The stop loss was set at $45. He also listed upside targets at $143.54, $269.19, $460.30, and $1,372.86.
The Litecoin price is at the bottom of that entry range. The configuration indicates that traders are monitoring how buyers are able to hold this zone. The loss of $50 might make the short-term structure weaker.
Open Interest Climbs Despite Lower Futures Volume
CoinGlass data showed mixed market activity. Despite a drop in future trading volume, open interest increased by 2.13% to $347.64 million. The LTC OI weighted funding rate was at 0.0044%, a slightly positive positioning.
In the past 24 hours, liquidations totaled $223.11K. Long positions accounted for $159.05K of that amount. Short liquidations came in at $64.06K, representing a bit more buyer pressure in the latest round.
The analyst also mentioned that the fundamental support is improving. He pointed to growing ETF exposures since the introduction of LTCC on Nasdaq. There is also an institutional exposure that continues to increase with the number of holdings, reporting 3.7 million LTC, he added.
LTC recorded $260.03K in weekly inflows. Total inflow is now at $6.37 million. The analyst also stated that the adoption rate of MWEB is also growing and the usage of privacy is also on a new high with the support of the nodes.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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