Litecoin [LTC] surges by 10% in less than 72 hours

The significant zone at around the $90 price level converges both ascending trendline support and a demand zone that has attracted buyers in the past.

Litecoin [LTC] price surged by 10% in less than 72 hours since rebounding from a critical confluencing key demand zone and a trendline support.

The significant zone at around the $90 price level converges both ascending trendline support and a demand zone that has attracted buyers in the past.

The trendline aforementioned has seen three significant rejections since the 7th of April. Each of the past three tests led to strong bullish rejections- this week’s bounce was no different.

Naturally, the sharp rebound aligns with renewed optimism across the altcoin market, giving the LTC rally broader context.

At the same time, LTC Open Interest (OI) in Futures also spiked by 13%, rising from $604 million to $685 million.

Open Interest, the total value of outstanding Futures contracts, showcases increased trader activity.

This rise in both price and Open Interest signalled fresh capital entering the market, rather than mere short covering. That strengthens the case for a sustained uptrend, backed by bullish on-chain activity.

With the positive momentum established, LTC is at the doorstep of $110, a psychological level of prices that also corresponds with historical price action.

A break above this significant level may trigger additional gains in the near term for the altcoin.

However, traders and investors alike must monitor volume and bearish divergences on momentum indicators. If purchasing pressure starts to run out, LTC may face resistance and get stuck at $110.

Still, the combination of a confluence-driven rebound and climbing Open Interest paints a constructive outlook. If momentum persists, Litecoin may soon challenge- and possibly surpass- $110.