Litecoin (LTC) Price Prediction, Dec. 18: Will LTC Break $150 as Miners Drive $18M Accumulation?

Litecoin (LTC) sped to $131 on Binance this Tuesday, marking a 35% weekly gain. Recent on-chain data indicates that miner accumulation has played a significant role in this bullish trend, hinting at the fire for a further upward run.

Litecoin Spikes Amid Broader Market Rally

Tuesday saw a sharp rally in the crypto market, with BTC reaching an unseen $108,135. This upswing pumped price increases for other major altcoins like Litecoin (LTC), Ripple (XRP) and Solana (SOL). Analysts pin this rally on speculative bullish bets ahead of the U.S. Federal Open Market Committee (FOMC) meeting in New York.

The upward momentum in Litecoin’s price extended its weekly gains beyond 30%, emphasizing the strong recovery since the December 10 market crash. This rally underscores renewed market confidence, fueled by macroeconomic sentiment and increased investor activity.

Miners Gulp $18 Million Worth of LTC

One motivation behind LTC’s price uprun is the significant accumulation by miners. On-chain data shows that miners gulped 140,000 LTC between December 10 and December 17, increasing their total holdings from 1.36 million to 1.5 million LTC. At present prices, this acquisition represents nearly $18 million in value.

This accumulation trend is rare and noteworthy. Miners, as key participants in Litecoin’s Proof-of-Work ecosystem, hold substantial influence over market dynamics. By withholding newly mined LTC from entering circulation, they reduce market supply during periods of heightened demand, amplifying bullish momentum.

The timing of this accumulation aligns with the FOMC meeting, suggesting that macroeconomic factors also played a role in intensifying demand. As miners signal confidence, retail traders and institutional investors may feel incentivized to join the bullish wave.

Litecoin Price Forecast: Testing Key Levels

The ongoing rally has pushed LTC toward the upper boundary of its consolidation range near $127. Breaking this resistance could pave the way for further upside, with targets at $135 and the critical $150 level. The increased trading volume and rising Volume Delta observed on December 18 suggest strong market conviction among buyers.

However, potential downside risks remain. Should LTC fail to hold above $127, immediate support lies at $118, coinciding with the Donchian Channel median. A breakdown below this level might trigger a retracement toward $100.56.

Bullish Momentum Ahead?

If Litecoin sustains a multi-day close above $127, it could create the conditions for a robust breakout. Miner activity, coupled with increased trading volume, has set a bullish stage for the cryptocurrency. The gathering of $18 million worth of LTC by miners exposes their growing trust in Litecoin’s prospects, which could encourage more market engagement.

At present, all eyes remain on Litecoin’s ability to breach key resistance levels and take advantage of its current force. A breakout above $127 may just be the catalyst needed for LTC to target $150 in the near days.

FAQs

1. Why is Litecoin’s price going up?

Litecoin’s price is rising due to miner accumulation, a market-wide rally, and investor excitement around the Federal Open Market Committee (FOMC) meeting.

2. How much Litecoin have miners accumulated recently?

Miners have added 140,000 LTC to their reserves, worth nearly $18 million, between December 10 and December 17.

3. What’s the next key price level for Litecoin?

If Litecoin breaks above $127, it could reach $135 or even $150. If it drops, support levels are at $118 and $100.56.