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Whales Accumulation Surges, Can Litecoin Rise Above $100 Mark?

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According to the chart’s layout, Litecoin hasn’t been significantly impacted by the recent bull run in the cryptocurrency market. It has exhibited a gradual but consistent growth till now. In February last week, the LTC price achieved slight bullish momentum, but bulls were not too strong to keep the pace up.

In the past few weeks, the sellers have been attempting to push the price below the 200-day exponential moving average. However, buyers have managed to defend the 200-day EMA so far.

Based on the technical indicators, the MACD has continuously developed small histograms over the last few days. Signal line and MACD lines appear to be gaining buying momentum. RSI is 51.01, which has just surpassed the 14-SMA from below and seems headed toward the overbought zone.

Can Litecoin Claim $100 Mark? Let’s Decode On Daily Chart

At the press time, the Litecoin price traded at $83.24, which is up by 1.01% in the past 24 hours. The market capitalization is $6.21 Billion, and the 24-hour trading volume is $271.14 Million.

Litecoin’s price has been on an upward trend, increasing while finding support on the trendline and key moving averages. For the last few days, the Litecoin crypto price has been facing hurdles from the dynamic 20-day EMA, but recently it has jumped over it with a weekly performance showing 2.36%.

If the trading volume rises and the LTC chart setup appeals to potential investors, the Litecoin asset price could experience bullish momentum and could aim for the $100 obstacle in the future.

Moreover, buyers may start accumulating if the Litecoin price reaches and holds above the previous swing high of the $88.50 price mark, it could spike above. In a scenario, if the price triggers a breakout from this hurdle at $88.50, then buying momentum for the long term can be expected to test the supply level. Likewise, once the supply happens to be breached, the doors would open for more upward momentum.

However, should the LTC cryptocurrency price fall below the trendline or the previous swing low at $78, there could be a short-term increase in selling pressure. Meanwhile, if buyers fail to defend the $60 resistance, then selling pressure for the long term can be observed.

Whales Holdings Increased, and Elliot Wave Supports Bullishness!

Over the last month, Litecoin whales have accumulated $2.75 Million worth of LTC, bringing their total to $230 Million. A significant amount of 900,000 LTC was purchased all at once on May 10, 2024.

This indicates that the whale intends to keep the LTC asset, indicating a strong positive signal and growing confidence for Litecoin’s future.

Additionally, tweet from Elliottwave Forecast on X, highlighted that LTC supports upside for the short-term and they expect to remain sideways for a major thrust for the upside.

Summary

Litecoin has shown gradual but consistent growth and has not been significantly impacted by recent market trends. Technical indicators suggest potential buying momentum, with the price facing resistance at the $88.50 mark.

If the trading volume rises and the chart setup appeals to potential investors, Litecoin’s price could experience bullish momentum and aim for the $100 obstacle in the future.

Moreover, Whales have accumulated $2.75 Million worth of LTC, indicating growing confidence in Litecoin’s future. Elliottwave Forecast on the X platform supports the upside for the short-term and expects Litecoin to remain sideways for a major thrust for the upside.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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