Litecoin price analysis is bearish, as the coin has fallen below $114.1 in price. The price increased dramatically over the last week.
LTC price even broke above the important barrier of 110.5 after rising up to this level on the 13th and 15th of April. However, bulls were unable to hold this level.
However, when the price oscillated towards $114.4 yesterday, selling pressure returned, and the currency entered correction today.
Next, there is support for LTC at $112.5, but it is possible that the coin will find support before reaching that level.
Litecoin seems to be falling into a descending wedge and a breakout over the upper resistance trendline can potentially bring about a major rally.
if the LTC buyers are able to move beyond $116.55 level it will strengthen the upside arguments in the price as it will mark the cross of a significant upside barrier. The bulls will be tagging the April 6th highs at $123.24.
On the other hand, The relative strength index (RSI) is currently at index 48 and is on a downward curve around the neutral zone’s centre. The indicator points to market selling activity, which is causing price levels to fall short.
LTC Whales in Action!
Santiment, a blockchain analytics business, claims that Litecoin’s largest holders have been transferring the currency at levels not seen in nearly a year.
According to Santiment, on April 14th, LTC transactions valued more than $100,000 reached their highest level since May of 2021, when the crypto markets’ volatility was booming.
It says that the top major stakeholders in Litecoin have been quite busy over the last week, with significant transactions taking place near the coin’s price bottom at the start of the week. The sum of 5,508 LTC transactions over $100k or more was the most in 11 months.
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Source: https://coinpedia.org/altcoin/litecoin-whale-making-large-moves-ltc-price-primed-for-short-term-rally-this-week/