Litecoin Whale Activity Signals Potential Price Rebound
Release: 2024/07/13 00:34 Reading: 444
Litecoin Shows Bullish Signs Amidst Whale Activity
According to IntotheBlock, Litecoin processes an average of $2.85 billion in daily transactions exceeding $100k, representing over 50% of its market cap. This surprisingly surpasses most Layer 1 cryptocurrencies.
In comparison, Dogecoin's large transactions amount to approximately $590 million despite having a market cap nearly three times that of Litecoin. This discrepancy indicates substantial whale activity within the Litecoin network.
Litecoin Price Prediction: Bullish Reversal Likely
Litecoin's daily technical chart suggests a potential bullish reversal. After finding support at $57.18, Litecoin has rebounded, exhibiting mild bullishness in recent trading sessions.
Since early April, LTC's price has declined from $113.00, breaking below key exponential moving averages and continuing a downtrend.
However, in the past week, Litecoin saw a 4.66% increase, indicating buyer interest. MACD and RSI indicators also show bullish signals. The MACD curve, currently in the bearish zone, has formed a bullish cross and is trending upwards. The RSI curve has bounced back from the oversold zone and is trading above the 14-day SMA line.
Nevertheless, Tradingview's technical summary reveals a mixed outlook, with 11 out of 26 indicators suggesting a sell signal, 10 neutral, and 5 buy signals.
At the time of writing, Litecoin trades at $68.37 with a 1.47% intraday gain, showing bullishness on the technical chart. Its 24-hour trading volume is 311.04 million, and its market cap stands at 5.12 billion.
If LTC price surpasses and maintains levels above key exponential moving averages, it could initiate a bullish rally. However, if rejected, the bearish momentum may continue.
Conclusion
Litecoin exhibits signs of a potential rebound, supported by significant whale activity and mildly bullish indicators like MACD and RSI. While recent price movements suggest an upward trend, the overall technical analysis remains mixed. Litecoin's ability to break through key exponential moving averages will influence the trajectory of its rally or continuation of the bearish trend.
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