Is Litecoin’s bearish momentum fading? Signs to look out for

• Litecoin has seen a 0.98% surge in the last 24 hours.
• Metrics point to rising whale activity and significant liquidation zones.

Litecoin [LTC] has seen a modest surge of 0.67% over the last 24 hours, sparking interest about the possibility of an imminent bullish reversal.

The altcoin was bouncing off a key support level at $61 at press time, a critical point that could determine its next move. 

LTC’s price has been under pressure in recent sessions, forming a descending triangle pattern on the charts.

This pattern typically signals a continuation of a downtrend, yet the price appears to be stabilizing near $61, a historically significant support level. 

The market participants are now closely watching this level for signs of a potential bounce. Supporting this technical analysis is the stochastic RSI, which was nearing a bullish crossover in oversold territory at press time.

If this crossover materializes, it could suggest that the selling momentum is exhausted, paving the way for a price recovery.

Source: TradingView

LTC whales on the move

According to Santiment’s data, there have been increasing whale activities involving large transactions recently. The percent of whales holding more than $5 million stood at 55% as of this writing.

This surge in development suggested that big LTC holders were taking long positions, which could in turn lead to significant LTC price movements.

Also, Litecoin’s Social Volume increased as the platform enjoyed high engagement rates. Typically, as the social buzz surrounding LTC increases, interest will rise, thereby raising trading activity and price.

Source: Santimen

Can LTC sidestep a major market shakeout?

According AMBCrypto’s look at Coinglass’ heatmap data, there were clusters of liquidations around the $65 support level. This liquidation clusters may act as price magnet to pull LTC prices higher.

Source: Coinglass

Read Litecoin’s [LTC] Price Prediction 2024–2025

Litecoin is at a crucial point right now. Although there have been significant decreases in prices, waning bearish sentiment and certain on-chain data indicate that we may see new highs soon. 

As LTC accumulates bullish momentum since retesting the $61 support level, its future direction may turn bullish if the sentiments holds.