Litecoin (LTC) has caught the bulls’ attention, soaring over 1.4% on March 22nd to reach $86.80. This impressive rally comes on the heels of an uptick in overall crypto market sentiment and anticipation around oinbase">Coinbase’s planned launch of Litecoin futures contracts on April 1st.
The price surge has pushed Litecoin’s market cap up by over $800 million, fueling optimism that the $100 level could be breached soon. On-chain data reveals a spike in large transactions, suggesting heightened investor interest.
oinbase">Coinbase’s futures listing news appears to be a key catalyst driving Litecoin’s ascent. The introduction of derivatives for LTC, alongside Dogecoin and Bitcoin Cash, is expected to unlock new liquidity and reinforce broader adoption.
From a technical perspective, LTC faces immediate resistance at $86.80, followed by $88.12, and a more formidable hurdle at $89.55. Conversely, the first major support sits at $85.51 (today’s pivot), with subsequent levels at $84.32, $82.90, and $81.71.
Charting indicators like the Moving Average Ribbon and Average Directional Index on 4-hour and daily timeframes are flashing bullish signals, suggesting the uptrend could persist if momentum is sustained.
As the 20th largest crypto by market cap at $6.37 billion, all eyes are on Litecoin ahead of next month’s oinbase">Coinbase futures debut. The coin’s ability to hold above $85 could determine if bulls can propel it to new 2023 highs.
