Litecoin Price Rallies to Eight-Month High Amid Institutional Support

Litecoin (LTC) continues its steady recovery on Thursday, trading at an eight-month high above $68.00. Despite the broader cryptocurrency market facing an intraday sell-off linked to rate-hike concerns, retail demand for LTC remains firm.

The value of active futures contracts has risen 12% in 24 hours, according to CoinGlass data. This marks the largest positional buildup in LTC futures since January 19, reaching an eight-month high.

The technical outlook for Litecoin indicates an upside bias as bullish momentum remains firm despite signs of overbought conditions. The Moving Average Convergence Divergence (MACD) extends its rise above the signal line in the positive territory, hinting at persistent upside momentum.