MEXCLitecoin Price Analysis: LTC Eyes $100 Mark Amidst Strong Whale Accumulation
Highlights
- An ascending support trendline carries the near-term support trendline in Litecoin price.
- A recovery attempt from LTC could be witnessed to intensify supply pressure at the $88.6 barrier.
- The 24-hour trading volume in the Litecoin coin is $274.2 Million, marking a 15% gain.
Litecoin Price Analysis: The first three weeks may have been notably bullish for the majority of major altcoins following the bitcoin price surge to $67000. However, the decentralized peer-to-peer cryptocurrency Litecoin underperformed amid the broader market recovery, projecting a sideways action in the daily chart. The trend of alternative green and red candles indicates no dominance from buyers or sellers to lead a directional rally.
Also Read: Bitcoin Price Analysis: Whale Accumulation Near Pre-FTX Levels Sets BTC Rally to $74K
Litecoin Price Analysis: Key Support For LTC to Hit $100
The ongoing consolidation in Litecoin price shows a firm ceiling ( resistance) at $88.6, limiting buyers’ recovery attempts. However, an analysis of the daily chart shows the LTC price developing a series of new higher lows indicating the market sentiment is shifting towards buying this asset at dips.
These lows connected through an ascending trendline provide buyers with dynamic support to lead a higher rally. By the press time, the Litecoin price traded at $84 indicating a potential gain of 2%
According to recent data from IntoTheBlock, a prominent crypto analytics firm, Litecoin whales have significantly increased their holdings over the past month. The firm’s analysis reveals that these whales have accumulated a staggering 2,751,633 LTC in the last 30 days alone. This accumulation indicates a strong confidence among large holders despite the market’s general volatility.
Notably, May 10th marked a significant spike in activity, with these addresses experiencing a net inflow of over 900,000 LTC. This was the highest single-day increase since February, highlighting a potential strategic positioning by large-scale investors in anticipation of future price movements.
If the rising trendline is intact, the LTC price will breach the $88.6 resistance providing buyers with suitable support to drive a recovery trend to $100, followed by $112.8.
Technical Indicator:
- Exponential Moving Average: The flattish trend in daily EMAs (20, 50, 100, and 200) indicates the market sentiment towards this asset is neutral.
- Relative Strength Index: A slow yet steady rally in the RSI slope which recently jumped above 50% midline suggests the buying activity is gradually rising.
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