Litecoin (LTC) Continues to Surge Amidst Bearish Market Sentiment
Litecoin (LTC), the native token of the popular cryptocurrency Litecoin, has been making headlines recently for its impressive performance in the midst of a bearish market. On February 19, 2025, while other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP were struggling to gain momentum, LTC managed to outperform the market with a 4.5% gain.
Currently trading above $128.20, LTC has not only outperformed its counterparts but has also managed to flip Avalanche (AVAX) and Sui (SUI) in terms of market dominance. This surge in price has caught the attention of investors and traders, leading to a 27% increase in trading volume.
Despite the bullish momentum, data from on-chain analytics firm Coinglass suggests that long-term holders of LTC are taking advantage of the recent price surge to offload their holdings. Exchanges have witnessed an inflow of over $2.3 million worth of LTC tokens, indicating a potential sell-off by these holders.
It appears that investors are capitalizing on the price surge to book profits, which could create selling pressure and potentially lead to a further drop in price.
LTC Faces Crucial Resistance Level at $140
Technical analysis of LTC’s price action indicates that the recent surge has pushed the cryptocurrency towards a critical resistance level at $140. Historically, this level has been a point of price reversal and selling pressure for LTC.
Over the past few months, LTC has tested this resistance level multiple times, only to experience significant price drops each time. However, given the recent bullish momentum, there is a strong possibility that LTC could breach this resistance level and close a daily candle above $141.
If this scenario plays out, LTC could potentially see a 30% increase in price, reaching $182.50 in the near future. On the other hand, failure to break through the resistance could see LTC retracing back to the $100 level.
