The recent cryptocurrency market crash left traders counting losses, pushing Bitcoin and several altcoins to multi-month lows. Litecoin (LTC) was not spared, plunging to a two-week low before rebounding. However, bearish pressure still looms over LTC. Despite this uncertainty, whales have accumulated $130 million worth of Litecoin, raising speculation about an imminent breakout.
Litecoin Price Action and Whale Accumulation
As of today, Litecoin trades at $121, marking a 10% rally in the past 24 hours. This surge comes amid significant whale activity, with large investors acquiring $130 million in LTC tokens. According to crypto analyst MAXPAIN, this accumulation mirrors historical patterns where whales buy during dips and sell at peak levels. If history repeats itself, Litecoin could be gearing up for a major rally.
The impact of whale accumulation on price movements is crucial. If retail traders follow suit, buying pressure could push LTC beyond key resistance levels. However, LTC faces a critical hurdle at $140, where it has encountered three consecutive rejections. On the flip side, strong support at $110 has prevented further declines, creating a horizontal trading range.
Analyst Predictions: Will LTC Break Out to $300?
Crypto analysts remain optimistic about Litecoin’s potential rally. Tyler, a well-known analyst on X, suggests that LTC could surpass $230 if it successfully flips the $140 resistance. Meanwhile, Crypto Poseidon has identified a bullish setup on a higher timeframe, predicting a breakout to $300.
A key bullish signal emerged when LTC flipped resistance into support, reinforcing an upward trend. Additionally, the Relative Strength Index (RSI) has surged to 64, indicating growing bullish momentum. The Moving Average Convergence Divergence (MACD) also turned positive, with green histogram bars suggesting rising buying pressure.
Also Read: Litecoin Price Teeters on $100 Edge as Market Liquidations Hit $250M
What’s Next for Litecoin?
If bullish trends persist, Litecoin could test resistance levels at $130 and $140 in the short term. The continued accumulation by whales strengthens the possibility of a sustained uptrend. While market uncertainty lingers, a decisive breakout above $140 could pave the way for LTC to surge towards $230 and potentially $300.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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