Recently, crypto analyst Ali highlighted the correlation between Litecoin’s (LTC) whale holdings and its price movements. According to Ali, the observed trend suggests that an increase in Litecoin whale holdings could potentially serve as a leading indicator for an upcoming surge in the cryptocurrency’s price. This insight intrigues the crypto community as it opens up the possibility of utilizing whale activity as a predictive signal for future price movements.
On November 15th, Litecoin broke above the $74 barrier, signaling the possibility of entering a bullish market. However, in the days following this breakthrough, LTC experienced a consistent decline, dropping to $69 and temporarily losing the crucial $70 support. As a result, there are concerns that LTC might lose its recent gains.
As of the latest update, LTC is trading at $70.09, exhibiting a 24-hour trading volume of $286 million, reflecting a notable 33% increase. Despite a 0.49% dip in the last 24 hours, Litecoin maintains its position as the 18th largest cryptocurrency, according to CoinMarketCap, with a live market cap of $5 billion.
Despite recent fluctuations, LTC has demonstrated resilience, sustaining a remarkable 37% increase over the last four months. Analysts point to heightened transaction activity from both miners and major cryptocurrency investors, fueling expectations of an imminent upward trend. Signs suggest that Litecoin might be on the cusp of a significant price spike.
Bulls’ Challenge: $78 Barrier for Litecoin Further Gains
Litecoin has distinguished itself as one of the most active blockchains in the industry, achieving a milestone by surpassing 1 million transactions on November 14th. This achievement marked the first time the proof-of-work (PoW) network reached such a milestone, surpassing the previous all-time high of 660,153 transactions recorded just a day earlier. Notably, Litecoin’s transaction activity over this two-day period even exceeded that of Bitcoin, underscoring a substantial surge in LTC’s blockchain engagement.
However, before bullish investors can confidently set their sights on $80 and beyond, they face the challenge of breaching the initial barrier at $78. Analysts caution that a correction may be triggered if the price falls below $65, with potential support levels anticipated around $67.
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