Will Litecoin Price Rally to $140 as LTC’s Hash Rate Hits ATH?

Highlights:

• Litecoin’s price drops almost 1% to $115 as its trading volume skyrockets.
• Litecoin hash rate has grown over 50% in the past week to a new all-time high of 1.74 PH/S.
• Demand for Litecoin is also rising in the derivatives segment as Open Interest soars 1% to $506.07 M.

The Litecoin price has dipped almost 1% today to $115, despite a 25% increase in daily trading volume to $933.3 million, showing renewed investor interest. LTC is now down 5% in a week, up 33% in a month, and 60% in a year. 

Meanwhile, signs indicate that things are getting heated up for LTC. For example, the Litecoin hash rate has grown over 50% in the past week from 1.16  to a new all-time high of 1.74 PH/S. The hash rate ATH suggests that miner profitability was on the rise, possibly driven by a surge in network activity.

#Litecoin hashrate has grown over 50% in the last 6 weeks. From 1.16 to 1.74 PH.

Hashrate always precedes price. And hashrate is vertical. pic.twitter.com/ANdLGqdwcB

— The ŁTC Cow₿oy (@LitecoinCowboy) December 16, 2024

Demand for Litecoin is also on the rise in the derivatives segment. For context, the level of open interest soared 1% to $506.07 million in the last 24 hours at press time.

The above data suggests that more traders have switched to the bullish camp—indicating surging bullish optimism. 

Litecoin Statistical Data

Based on CoinmarketCap data:

• LTC price now – $115
• Trading volume (24h) – $933.3 million
• Market cap – $8.71 billion
• Total supply – 84 million
• Circulating supply – 75.31 million
• LTC ranking – #22

Litecoin’s journey in the crypto market has taken a turn, with its $119 support level under scrutiny. However, bullish momentum remains intact as the volume has increased by 24%, meaning whales could buy more Litecoin to hold for the long term. 

However, there are some difficulties, as only 28% of Litecoin investors are now in the green, which means that many still have losses. While these developments show signs of resilience, the crypto market’s overall sentiment and Litecoin’s ability to maintain key levels will be pivotal in shaping its future trajectory.

Diving into the technical outlook, the bears have breached the $119 support level, suggesting some bearish prospects. However, the $106 support level remains intact, which might enable the bulls to propel the Litecoin price to $140. 

The RSI has plunged below the 50-mean level, at 42.80. This suggests that the bears are in control, as depicted by the falling omentum. However, if the bulls gain strength at this level, the RSI could jump above the 50-mean level, invalidating the bearish thesis. 

Notably, the MACD indicator worsens the outlook, as it has flipped below the orange signal line. This suggests that the selling pressure is intense in the Litecoin market. A sell signal manifested when the blue MACD line flipped below the orange signal line, revealing that declines should be expected before the Litecoin price rallies to $119. 

Will Litecoin Price Reach $140?

The Litecoin market could be building for a breakout, where the token price could reach $140. Moreover, as the altcoin has pushed into a consolidation inside a triangle, this might act as an accumulation period, causing a massive breakout. 

If the support level at $106 stays intact, the Litecoin price could hit $119, giving room for further gains. In a highly bullish scenario, it could rally to $140. On the downside, if the bears capitalize on the sell signal manifested by the MACD indicator, LTC could plunge, chasing the $106 mark.