Litecoin Price Forecast: LTC rally extends with bulls eyeing $130
- Litecoin price extends its gains on Thursday after rallying more than 10% so far this week.
- On-chain and derivatives data indicate a bullish outlook, as trading volume and open interest for LTC are on the rise.
- The technical outlook suggests a rally continuation, with bulls targeting $130.
Litecoin (LTC) price continues to climb, trading above $118 on Thursday, extending gains of over 10% so far this week. The bullish momentum is further supported by rising Open Interest (OI) and trading volume in the LTC token. Meanwhile, technical analysis suggests an upward leg targeting levels above $130.
On-chain data and derivatives show bullish bias for LTC
CoinGlass’s data show that the futures’ OI in Litecoin at exchanges rose from $797 million on Tuesday to $955 million on Thursday, the highest level since September 20. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current Litecoin price rally.
Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in Litecoin. Santiment data shows that LTC’s trading volume rose from $286.70 million on Tuesday to $1.05 billion on Thursday, the highest since August 15.
Litecoin Price Forecast: LTC bulls aiming for $130 mark
Litecoin price found support around the 200-day Exponential Moving Average (EMA) at $103.61 on September 25 and rose 12.5% by Wednesday. This level roughly coincides with multiple support levels, such as the volume profile POC (Point of Control) is at $102.62, the price level with the highest traded volume since November 2024, the 50% retracement level is at $98.68, and the ascending trendline (drawn by connecting multiple lows since early April), making this a key support zone. At the time of writing on Thursday, LTC continues to trade higher above $118.
If LTC continues its upward momentum, it could extend the rally toward the next resistance at $130.
The Relative Strength on the daily chart reads 61, above the neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Wednesday, signaling a potential buy opportunity and indicating the possible start of an upward trend.
Zcash rallies on Grayscale Trust as DeXe, MYX Finance follow suit
- Zcash holds steady on Thursday after a 62% jump from the previous day.
- DeXe extends gains as bullish momentum remains elevated.
- MYX Finance’s upcycle nears the breakout of the current all-time high.
Zcash (ZEC) rally outperforms the broader cryptocurrency market, driven by Grayscale’s launch of a ZEC trust and a record-high Open Interest. DeXe (DEXE) and MYX Finance (MYX) follow as top performers with double-digit gains.
Zcash rally hits a three-year high, eyeing further gains
Zcash trades above $120 at the time of writing on Thursday, marking over 100% gains so far this week. The rally ignited with the launch of Grayscale’s Zcash Trust for eligible investors in a private placement. The Trust’s assets under management exceed $46 million, with a net asset value per share of $9.70 as of Thursday.
ZEC exceeds the 61.8% Fibonacci retracement level at $111, retraced from the $372 high in May 2021 to the $15 low in July 2024. A decisive close above this level could extend the rally to the 78.6% Fibonacci retracement level at $189.
CoinGlass data shows a more than 200% rise in ZEC Open Interest (OI) over the last 24 hours, reaching $120 million, indicating a significant capital inflow into Zcash derivatives. Validating the risk-on sentiment, the OI-weighted funding rate has flipped positive to 0.0491%, from -0.0711% earlier on the day.
