Litecoin Whale Activity Signals Potential Price Rebound
- Significant whale activity in Litecoin with $2.85 billion in large transactions daily.
- Technical indicators MACD and RSI show mild bullish signs.
- Litecoin price bouncing back from $57.18, showing potential for a bullish reversal.
Litecoin Price Forecast: Bullish Reversal Whale Activity
According to a report by IntotheBlock, Litecoin processes an average of $2.85 billion in transactions over $100k daily, which accounts for over 50% of its market cap. Surprisingly, this is more than most Layer 1 cryptocurrencies.
For comparison, Dogecoin sees around $590 million in large transactions, even though it has roughly three times the market cap of Litecoin. This indicates substantial whale activity on the Litecoin network.
Litecoin Price Prediction: LTC Suggesting Bullish Reversal
On the daily technical chart, Litecoin is bouncing back by taking support at $57.18 showcasing mild bullishness in the last few trading sessions.
The price of LTC began to decline in early April, dropping from $113.00 and continuing a downtrend by breaking below key exponential moving averages.
Source: Tradingview
The performance of the coin has been weak in the last few months as the price went down by 20.54% in the last three months, and down by 11.44% in the last month. However, last week it increased by 4.66% showing buyers' presence in the coin.
Moreover, indicators like MACD and RSI are also showing mild bullish signs. The MACD curve is in the bearish zone but forms a bullish cross and heads in an upward direction.
The RSI curve bounced back from the oversold zone and headed in the upward direction trading above the 14-day SMA line showcasing bullishness.
However, according to the technical summary of Tradingview out of 26 indicators 11 are on the sell side, 10 are on the neutral side and 5 are on the buying side suggesting bearishness in the chart.
At the time of writing Litecoin's price was trading at 68.37 with an intraday gain of 1.47% showcasing bullishness on the technical chart. The 24-hour trading volume was 311.04 Million and its market cap stands at 5.12 Billion.
If LTC price surpasses the key exponential moving averages and sustains over it then it could start a bullish rally shortly. But if the price is rejected from key EMAs then it may continue the bearish momentum.
Conclusion
Litecoin is showing signs of a potential rebound, driven by significant whale activity and mild bullish indicators like MACD and RSI. While recent price movements suggest a possible upward trend, the overall technical analysis remains mixed. If Litecoin can surpass key exponential moving averages, it may initiate a bullish rally; otherwise, it could continue its bearish momentum.
