Litecoin ($LTC) Set to Undergo Massive Breakout After ‘Large Accumulation', Analysts Say

Popular cryptocurrency analysts have weighed in on Litecoin's recent price surge and have said that the cryptocurrency is set to undergo a massive breakout after a “large accumulation” period that preceded its upcoming halving event.

Timeline of Litecoin

Litecoin's hash rate and difficulty skyrocketed  Metrics and Galaxy Score seemed optimistic too  However, the RSI and MFI were near the overbought zone on the charts Litecoin's [LTC] hash rate has been on fire lately, with the altcoin recording sustained upticks for several weeks now.

Litecoin price analysis for today shows an improvement in stability after a period of bullish momentum. LTC is currently trading at $78.07, with resistance present at $79.49 and support at $76.01.

The cryptocurrency community is predicting that the price of Litecoin ($LTC), a cryptocurrency that is often referred to as the silver to Bitcoin's gold, will drop by the end of the year, despite its surge over the last few weeks.

On-chain fundamentals may be part of the reason Litecoin (CRYPTO: LTC) saw a sharp price increase during the ongoing market downturn caused by the collapse of the major crypto exchange FTX. What Happened: Litecoin's current price of $78.21 is 34.64% higher than its value seven days ago, while Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) lost value over the same length of time, according to CoinMarketCap data.

Litecoin — one of the world's oldest cryptocurrencies — has seen over $1 billion worth of inflows while most of the crypto market was bleeding. Fundamentals help explain this discrepancy.

Litecoin (LTC) has made a surprise breakaway even as the greater crypto market struggles to make gains, pushing up fast since Nov. 22 and rising over 27% in the past 48 hours. The question is, does it have more bullish juice left or will the latest pump be followed by a sharp correction?

Litecoin bulls deliver a massive unexpected rally after outperforming its peers LTC's market cap surged by a massive 10% in the last 24 hours  Litecoin was seen making headlines on 23 November after delivering an impressive bullish performance that saw it rally by roughly 35% in the last two days.

LTC's price shows strength as price bounces off from a weekly low of $50 to trend higher, giving bulls some relief.  LTC's price continues to look strong as bearish sentiment for the market lingers, with things looking uncertain for most traders and investors.

Litecoin (LTC/USD) has traded higher in the past one month, and added to the momentum with a double-digit gain on Wednesday to breach the $80 price level for the first time since May.

Litecoin extended recent gains on Nov. 23, with the token climbing to its highest point since May. The move saw prices climb by nearly 20% in today's session, and comes ahead of this afternoon's Federal Open Market Committee (FOMC) minutes. Solana also surged on Wednesday, moving nearly 20% higher.