Litecoin has recently shown impressive performance, standing out from the rest of the altcoin group. In the last day alone, its price has jumped by 8.9%, a move supported by a significant rise in transaction volume over the past month.
Moreover, there is an interesting shift in Litecoin's on-chain dynamics: the age of invested funds in LTC is decreasing, suggesting that large holders are becoming more active and putting more coins into circulation.
As for the price performance of Litecoin, it is currently trading around $101.09. The resistance level to watch is near $118, a point where sellers previously stepped in and halted a price increase. If Litecoin can break past this resistance, we could see further upward momentum.
Obviously, if the resistance holds still, the support level at $93.46 is crucial. This is a price where Litecoin has found strong demand in the past, suggesting that if it falls to this level, buyers may step in to push the price back up. A dip below this, however, and the next substantial support is down at $86.20.
The fresh investment activity indicated by the younger dollar age suggests that there is renewed interest in Litecoin. This could be due to investors looking for established-yet-still-promising digital assets amid the crowded altcoin space. If Litecoin can sustain its current growth and break past key resistance levels, it could indeed be on its way to becoming a leader among its peers.
While Litecoin's recent growth is promising, you should not get too crazy about it. While its indicators are positive, they are not guarantees of future performance. Follow LTC's price performance and various crucial metrics in order to avoid any unexpected price moves.
Alex Dovbnya
