Litecoin in recent times has not made any significant moves but strongly defended the support levels at $100. Moreover, as the price sliced through these levels to hit $97, a quick and massive rebound was ignited that uplifted the price by more than 30%. The LTC price, no doubt is currently facing some corrections, but the intensity of the plunging is not strong to squeeze all the gains.
While the entire crypto space is busy calculating Bitcoin’s next move and ETH’s independency, Litecoin may make it with huge gains that may surface at a later stage. The very first altcoin in existence seems o have attracted the whales who are accumulating LTC for quite a long time. However, the rate of accumulation has jumped extremely high in the past couple of days.
As per the data from Santiment, the whale transactions of more than $100K have smashed the ATH. The transactions were recorded at the highs of 3458 for the first time since December 2021. And hence it implies that the whales expect a drastic rebound in the price during the upcoming days as a result of a mid-term price shift.
| Crypto-Asset | 24-Hr High | 24-Hr Low | Market Capitalization |
| Litecoin(LTC) | $117.20 | $ 127.30 | $8.4 billion |
The LTC price in the short time frame is no doubt a little bearish and sliding towards the lower support at a huge pace. But in the longer time frame, the price manifests the possibility to squash the bearish trend at the earliest. The spike and the consolidation have enabled the price to swing within a bullish flag. With a breakout from the pattern, the price may initially attempt to seal the levels beyond $130 initially.
Collectively, Litecoin remains out of focus of the traders for a long time from now. And hence even if it spikes notably it may remain unnoticed. Therefore, this opportunity may be nicely encashed by the whales at the earliest. And hence with a strong flip, the LTC price may also range high beyond $160 in no time.
Also Read: Ethereum To Enter Buy Zone? Here’s What’s Next For ETH Price
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/litecoin-ltc-price-to-slowly-mark-a-double-digit-gain/