Litecoin’s Price Could Jump +30% As Whale Activity Spikes

The blockchain analytics firm, Santiment, tweeted today that Litecoin (LTC) whale transactions have “exploded with activity.” The tweet went on to say that this increase in activity has indicated a resurgence of transactions that are valued at $1 million or more.

LTC’s whale transactions (Source: Santiment)

According to Santiment, the previous two occurrences of whale activity spikes resulted in LTC’s price jumping 37% and 33% at their peaks. The most recent spike in LTC’s whale activity is the highest spike since 28 December of last year.

In related news, the price of LTC has risen 1.66% over the last 24 hours. This 24-hour increase in LTC’s price has boosted LTC’s weekly performance to +6.99%. As a result, LTC is changing hands at $89.54 at press time.

Daily chart for LTC/USDT (Source: CoinMarketCap)

The daily chart for LTC/USDT shows that the price of the altcoin is receiving support from the 9-day EMA line. Yesterday, LTC’s price did temporarily drop below the 9-day EMA level, reaching a daily low of $85.53 before recovering to close yesterday’s 24-hour cycle at $89.38.

Technical indicators for LTC are skewed slightly bullish as the 9-day EMA line is still positioned above the 20-day EMA line. In addition to this, the daily RSI line is sloped positively and is looking to cross above the daily RSI SMA line.

Should LTC’s price drop below the 9-day EMA line, it will look for support from the level at $84.55. If this level fails to offer the necessary support, then the next level will be around $78.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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