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- Litecoin’s surge has been fueled by increased whale activity and positive technical indicators.
- A renowned crypto analyst has predicted a 40% price surge for the altcoin.
The crypto market has experienced significant negative price volatility in the past two weeks. However, Litecoin has defied all odds, and its star shines brighter than ever. Litecoin’s splendid performance has caught the attention of analysts and investors alike.
As CNF reported earlier, Litecoin emerged as the most used digital asset in July, bypassing Crypto bigwigs such as Ethereum, Tether’s USDT, and Polygon.
Furthering this trend, one of the key drivers of Litecoin’s positive performance is increased activity among whales. In the last three months, Litecoin has experienced a rise in whales. Turning it up a notch, LTC has witnessed a steady rise in transactions involving these large holders, reaching an impressive $3.6 billion. This has been of great importance in bolstering the altcoin’s price higher.
Data from IntoThe Block further showcases investor confidence in the altcoin. Over the past week, LTC has seen inflows of 190.5K tokens, amounting to $17.3 billion. On the other hand, data from a leading news outlet has revealed that long-position liquidations have decreased. In the past two weeks, Litecoin’s liquidations have dropped from $3.9 million to just $8.2K.
Litecoin (LTC) Bullish Prediction
Renowned Cryptocurrency connoisseur noticed this and took to the X platform, indicating that Litecoin has recently broken out of a falling wedge pattern on the intraday chart, a formation typically associated with the end of a downtrend. The analyst went ahead, giving a more bullish prediction, forecasting a 40% surge.
Additionally, he noted that Litecoin could soon face the $94.7 resistance level. It is worth noting that this price level was last seen in mid-April.
On the other hand, Crypto Surf has taken another point of view. “Based on past cycles, LTC should start its bull run 15 to 19 months after its halving and 6 to 8 months after $BTC halving. So between Oct 2024 and Mar 2025.” stated the analyst on the X platform.
Litecoin’s Technical Analysis
Meanwhile, at the time of writing, LTC is swapping hands with $66.06, marking a 7.07% surge in the past one week. This has left Litecoin’s market cap standing at the $4.94 Billion mark, with the latter’s trading volume standing at $253,403,952.
Diving into Litecoin’s technicalities, the Advance Decline Ratio (ADR) is at 1.93, indicating increased buying activity and a positive outlook among investors. Additionally, Litecoin’s Relative Vigor Index (RVGI) stands at 0.31, suggesting strong upward price momentum. The Aroon indicator further supports this bullish narrative, with the Aroon Up line at 100% significantly above the Aroon Down line at 7.14%, indicating a sustained uptrend.
Litecoin is going above and beyond to cement its position as “the Silver to Bitcoin’s Gold.” According to an earlier CNF report, Charlie Lee, founder of Litecoin, announced that the company would be expanding its wings into the banking sector. This, combined with positive technical indicators, makes the altcoin ready for the moon.
