Litecoin price hit a weekly high of $130 on Tuesday, up 35% since December 10th. The rise in LTC coincided with an $18 million buying spree among LTC miners. Technical indicators suggest that LTC price could reach $150 before hitting the next major resistance cluster.
Litecoin price traded as high as $131 on Binance on Tuesday, up 35% on the week. On-chain data trends suggest that continued acquisition trends among LTC miners could further drive the rally.
Litecoin price soars 30% faster than US Federal Reserve decision
On Tuesday, Bitcoin price rose to an all-time high of $108,135, pushing up the prices of top altcoins such as Litecoin (LTC), Solana (SOL), and Ripple (XRP).
Based on current market reports, this rally can be attributed to last-minute bullish bets by investors following the start of the US Federal Open Market Committee (FOMC) meeting in New York.
Litecoin price trend, December 17 | LTCUSDT (Binance)
The chart above shows how Litecoin price rose to $131.50 on the Binance exchange while BTC rose to a new world high.
Zooming out, LTC’s latest price surge has pushed the weekly timeframe up over 30%.
This reflects the predominantly bullish momentum in the Litecoin market since the crypto market recovered from the sudden market crash observed on December 10th.
Miners acquired $18 million in LTC in the past week
Over the past week, the cryptocurrency market has been on an upward trend, with Litecoin's price outperforming rival layer 1 altcoins such as Ethereum (ETH), Cardano (ADA), and Solana (SOL).
On-chain data shows that a rare accumulation trend observed among proof-of-stake miners contributed to Litecoin’s massive 30% rise.
In support of this stance, the IntoTheBlock chart below shows real-time changes in LTC miners' reserve balances.
This provides real-time insight into LTC miners' trading activity regarding major market cycles.
Litecoin Miner Reserve | Into the Block
The graph above shows that as of December 10th, miners only held 1.36 million LTC in cumulative balance.
But since then, the miner has switched to accumulation mode, accumulating 140,000 LTC in the past week, bringing the current balance to 1.5 million LTC as of December 16th.
Valued at current prices, miners effectively acquired $17.7 million worth of LTC coins between December 10 and December 17, coinciding with a 30% increase in price.
Such large acquisitions by miners often increase bullish momentum for two main reasons.
First, as we observed when the FOMC meeting began on Wednesday, preventing newly issued block rewards from entering the market supply increases upward pressure during periods of high demand.
What’s more, miners are highly influential stakeholders within the Proof-of-Work blockchain ecosystem.
So if a miner takes a bullish stance, it could motivate other retail traders and future market entrants to follow suit, as last week's $18 million acquisition showed.
If current market dynamics continue, LTC prices could see another significant rally within the next few days.
Litecoin Price Prediction: If This Happens, LTC Set for $150 Breakout
The ongoing price increase in Litecoin (LTC) has coincided with significant miner accumulation and a surge in trading volumes, creating a bullish setup for further upside.
Between December 10th and December 17th, miners accumulated $18 million worth of LTC, and the price soared 35%. This prevented new supply from flooding into the market, fueling the rally during a rally led by the Federal Reserve's FOMC.
Analyzing the chart, the LTC price is currently testing the upper bound of the consolidation phase near $127. A clear break above this resistance could trigger a rally towards $135 and then $150 due to increased bullish momentum and higher volume delta.
Litecoin price prediction | LTCUSDT
The notable volume spike seen on December 18th indicates growing market confidence among buyers, which could further drive the rally if sustained.
On the downside, key support lies at $118, which coincides with the median of the Donchian channel. Below this level, the bullish outlook will be invalidated and LTC could retreat towards the $100.56 support zone.
In summary, a multi-day close above $127 could set LTC up to test $150 in the coming trading sessions.
