Litecoin’s rally was fueled by increased whale activity and positive technical indicators. A prominent cryptocurrency analyst predicted a 40% rise in altcoin prices.
The cryptocurrency market has experienced significant negative price fluctuations over the past two weeks. However, Litecoin has defied all expectations and its star is shining brighter than ever. Litecoin’s impressive performance has attracted the attention of analysts and investors.
As previously reported by CNF, Litecoin emerged as the most used digital asset in July, overtaking crypto giants such as Ethereum, Tether’s USDT, and Polygon.
Furthering this trend, one of the main factors behind Litecoin’s strong performance is increased whale activity. In the past three months, Litecoin has experienced a whale increase. Taking it to the next level, LTC saw a steady increase in transactions involving these large holders, amounting to $3.6 billion. This is very important in pushing up the price of altcoins.
IntoThe Block’s data further demonstrates investor confidence in altcoins. Over the past week, LTC received an inflow of 190.5,000 tokens, amounting to $17.3 billion. On the other hand, data from major media outlets reveals that liquidations of long positions are decreasing. In the past two weeks, Litecoin liquidations have decreased from $3.9 million to just $8.2 million.
Litecoin (LTC) Bullish Prediction
A prominent cryptocurrency connoisseur noticed this and adopted the X platform to show that Litecoin had recently broken out of a falling wedge pattern on the intraday chart, a formation commonly associated with the end of a downtrend. The analyst was even more bullish, predicting a 40% jump.
Additionally, he noted that Litecoin could soon face the $94.7 resistance level. It is worth noting that this price level was last seen in mid-April.
Cryptosurf, on the other hand, took a different perspective. “Based on historical cycles, LTC should start a bull run 15-19 months after the halving and 6-8 months after the $BTC halving. That is, from October 2024 to 2025. Until March,” said an analyst at X Platform.
Litecoin technical analysis
Meanwhile, at the time of writing, LTC is trading at $66.06, marking a 7.07% increase over the past week. This brings Litecoin’s market capitalization to $4.94 billion and trading volume to $253,403,952.
Taking a closer look at Litecoin’s technicalities, the Advanced Decline Ratio (ADR) is 1.93, indicating increased investor buying activity and a positive outlook. Additionally, Litecoin’s Relative Vitality Index (RVGI) is 0.31, suggesting strong price upward momentum. The Aroon indicator further supports this bullish story, with the Aroon rising line at 100% significantly above the Aroon falling line at 7.14%, indicating a continuation of the uptrend.
Litecoin continues to work harder than ever to solidify its position as the “silver to Bitcoin’s gold.” As previously reported by CNF, Litecoin founder Charlie Lee announced that the company will expand into the banking sector. This, coupled with positive technical indicators, sets the altcoin up for the moon.
Recommended for you:
Source link