Litecoin (LTC) Whales Prevent $75 Downturn, Can We Expect a $90 Comeback?
Litecoin experienced an 8% drop in price within the weekly timeframe, hitting a low of $75.7 on June 11. However, recent whale investor activity suggests a potential early rebound.
Despite significant turbulence in the crypto market this week, Litecoin and Bitcoin have shown greater resilience compared to other projects such as Solana and Ethereum, which are grappling with double-digit losses.
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On June 11, LTC price plummeted by 11%, but bull traders managed to reverse more than half of these losses by June 14, with the price reaching around $78.9 on June 15, reflecting a 5.10% increase within three days amidst bearish macro market catalysts.
Whale investors have played a key role in driving Litecoin’s resilient performance amid intense market volatility. On-chain data analysis reveals a considerable increase in whale activity on the Litecoin network over the past week, with a 27% surge in large transactions exceeding $100,000.
Increased whale activity during market downtrends is interpreted as a bullish signal, as it provides much-needed market liquidity, aids in boosting confidence among other investors, and helps prevent major price impact caused by panic selling.
The surge in whale demand explains Litecoin’s relatively more resilient performance compared to other cryptocurrencies during the week. However, it remains to be seen if Litecoin’s bullish momentum can break above the critical resistance at $83 in the upcoming days.
Whale intent to defend the $75 support suggests that Litecoin’s price may consolidate within the $76 to $80 channel in the near future, potentially avoiding major swings.
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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
