Litecoin: Whale Activity Hints at Bullish Future, But Price Remains Stuck Under $90

Litecoin (LTC), the digital silver to Bitcoin’s gold, has been a source of confusion for investors lately. Despite recent whale accumulation, LTC’s price is caught in a tug-of-war, leaving analysts uncertain about its future trajectory.

Whales Accumulate Millions of LTC

On-chain data reveals a significant buying spree by Litecoin whales. Over the past month, these large investors have amassed a staggering 2.75 million LTC, worth over $230 million at current prices. This buying activity, particularly strong on May 10th, suggests whales view current prices as an attractive entry point.

LTC/USD Technical Indicators Send Mixed Signals

While whale activity is a bullish sign, technical indicators paint a less clear picture. The Relative Strength Index (RSI) suggests LTC isn’t overbought, but the Bollinger Bands indicator reveals low volatility, making a sharp price increase less likely. Additionally, the NVT ratio hints at a potential price dip, while the MVRV ratio suggests profitability for long-term holders.

Litecoin Price Stuck in a Range

LTC’s price action last week mirrored a rollercoaster ride, but without the thrills. After briefly surpassing $80, momentum fizzled out, leaving LTC hovering around $83. Analysts like CRYPTOWZRD predict a breakout soon, but the direction (up or down) remains a mystery.

Crucial Levels to Watch

For LTC to reach $90, it needs to hold above the $85 resistance level. However, potential liquidations at this price point could make this a significant hurdle. Conversely, failing to hold the $80 support could trigger a drop to $78.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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