2024

Litecoin

April

Reversal

Litecoin Price Analysis: Amid the recent market consolidation, the <a href="https://coingape.com/price-predictions/litecoin-ltc-price-prediction/" rel="noopener noreferrer nofollow">Litecoin price</a> showcased a notable resilience above the $74.5 support. The daily chart projecting long-wick rejection candles at this support indicates the buyers are actively accumulating this asset at a discounted price. With the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> jumping above $65000 on Monday, a majority of major altcoins, including LTC show higher potential to reclaim lost ground.
Also Read: <a href="https://coingape.com/sponsored/top-4-crypto-picks-for-may-2024-bdag-ltc-avax-ada/" rel="noopener noreferrer nofollow">Top 4 Crypto Picks for May 2024: BDAG, LTC, AVAX, &amp; ADA</a>
<h2 id="b-litecoin-targets-100-as-bullish-patterns-emerge-b">Litecoin Targets $100 as Bullish Patterns Emerge</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/4/4lv3trHU.png" alt="BINANCE:LTCUSDT Chart Image " width="1815" height="728">
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 Litecoin Price Analysis| Tradingview
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Over the past two months, Litecoin’s daily chart has shown a huge price swing from $113 to $74.5 levels, but only extending sideways. While this consolidation showcases a lack of indication from buyers to sellers, the asset has managed to hold its value above $74.5.
<blockquote>
 The coin price has rebounded from the aforementioned support three times during the recent consolidation trend, indicating that buyers have not given up on this asset. A recent reversal from $74.5 has uplifted the asset by 9% to currently trade at $81.5.
</blockquote>
Recent data from Santiment, highlighted by trader Kamikaze, reveals intriguing insights into <a href="https://coingape.com/spot-litecoin-etf-founder-charlie-lee-teases-possibility/" rel="noopener noreferrer nofollow">Litecoin</a> (LTC) market dynamics. Despite a decline in Bitcoin’s price, substantial accumulation by whale investors suggests a potential long-term bullish sentiment among key holders.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Although the price of <a href="https://twitter.com/hashtag/Litecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Litecoin</a> has fallen, data from <a href="https://twitter.com/santimentfeed?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@santimentfeed</a> shows that whales purchased an additional 100,000 LTC between April 28th and May 4th. This counter-trend behavior suggests potential long-term bullish sentiment among major holders.<a href="https://twitter.com/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://t.co/VbqMrYUwIP" rel="noopener noreferrer nofollow">pic.twitter.com/VbqMrYUwIP</a>
 — 山丨ㄥㄥ Trader_Kamikaze <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e7-1f1f7.png" alt="🇧🇷" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f918.png" alt="🤘" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@trader_kamikaze) <a href="https://twitter.com/trader_kamikaze/status/1787234995578245145?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 5, 2024</a>
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Between April 28th and May 4th, whales added an additional 100,000 LTC to their holdings. This counter-trend behavior, as depicted in the accompanying chart, indicates a possible shift in sentiment among major holders, potentially signaling a positive outlook for Litecoin in the future.
If the bullish momentum persists, the LTC price could gain another 8.6% and develop a bullish reversal pattern called a double-bottom. A breakout above the $88.6 neckline which is also the last swing high will signal an initial signal of trend reversal.
A post-breakout rally could push the LTC price to a potential target of $100, followed by $112.
Technical Indicator:
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: A potential bearish crossover between the 20-and-100-day EMA may accelerate the selling momentum and extend current consolidation.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> wavering at 44% indicates a neutral to bearish sentiment in the market.</li>
</ul>
The post <a href="https://coingape.com/markets/litecoin-price-analysis-ltc-reversal-in-sight-whale-buying/" rel="noopener noreferrer nofollow">Litecoin Price Analysis: $LTC Bullish Reversal in Sight as Whale Buying Heats Up</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Litecoin Price Analysis: $LTC Bullish Reversal in Sight as Whale Buying Heats Up

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