Litecoin? What’s with all the dino-coins getting attention now? Is this some kind of a weird trend, or is it a real thing that we need to pay attention to in terms of this asset’s price? Another day is ending in Europe, and the Earth is still spinning.
The crypto markets are active, as they always will be—24/7 nonstop transactions and money settlements. At this point, crypto seems like the inevitable future for finance—even amid the massive range volatility that has characterized price action across the altcoin market since Trump assumed office.
So why would Litecoin be of interest to investors and traders alike? The probability of a Litecoin ETF is one major factor for future price growth. Another one is the increased Litecoin mining hash rate. Take a look at this graph below.
Litecoin Hashrate hits a new All Time High
2.24 PH/s at block 2,833,807
— Litecoin Foundation
The current hash rate is about 5.5 times higher than it was in 2021, when LTC’s price was $400. Some see this as a math equation and give the dino coin a future price target of $2000+. Whatever this means, one thing is for sure—Litecoin is taking a piece of the attention pie.
Litecoin Technical Analysis and LTC Price Trends For February
(LTCUSDT)
Starting from the Weekly timeframe, a rectangular range is not so hard to identify using the low from early 2022 as the upper boundary. Price deviated twice above this line but swiftly returned within the range.
At the end of 2024, the price broke above with significant volume, which indicates buyers’ strength. The previous resistance level has been acting as support in the last two months. All of this gives a bullish outlook for the future.
(LTCUSDT)
Taking a closer look at the Daily timeframe, price has formed a new rectangle. There is quite a large gap—about 40% from the bottom to the top of the range. Such volatility can only be achieved by large amounts of money flowing in and out.
This can be an indication that market makers are manipulating the price while investors are accumulating Litecoin into their portfolios.
There is also a very good and clearly visible swing failure pattern on this chart, which is accompanied by a large volume. That is another indication of buyers’ interest.
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The post Dino Coins Making Comeback? Litecoin Price Target Shoots High as Hashrate Pumps appeared first on 99Bitcoins.
