Based

Boost

bullish

Litecoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/whales-boost-litecoin-activity-during-market-slump" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Boost Litecoin Activity During Market Slump</a><br></p>
<p style="text-align: justify">Litecoin (LTC), a prominent peer-to-peer cryptocurrency, has been in a consolidation phase recently. Despite its price stagnation, the activity of large <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>, known as whales, has surged. Over the past fortnight, LTC has hovered around $64, marking a 27% increase from its August low but still 44% below this year’s peak.</p>
<h2 id="whale-movements-in-litecoin-surge">Whale Movements in Litecoin Surge</h2>
<p style="text-align: justify">According to Santiment’s <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, recent weeks have shown significant buying activity by whales in Litecoin, highlighting large investors viewing price drops as buying opportunities. Concurrently, social media mentions of Litecoin have escalated, signaling heightened interest.</p>
<p style="text-align: justify">Contrastingly, the same data source reveals a sharp decline in Litecoin’s daily active addresses, dropping from 801,000 in June to 327,000 by September 6. This suggests reduced transaction activity among general users, despite increased whale activity.</p>
<h2 id="futures-market-sees-low-activity">Futures Market Sees Low Activity</h2>
<p style="text-align: justify">Litecoin’s futures market has displayed little activity recently. As of September 7, open interest stood at $243 million, significantly lower than the year’s high of $708 million. This drop in open positions indicates waning investor demand for Litecoin. Additionally, Litecoin’s funding rate has plummeted from 0.078% to 0.0016%, nearing a negative territory, which may exacerbate the risk of continued price decline.</p>
<h2 id="technical-insights-and-critical-levels">Technical Insights and Critical Levels</h2>
<p style="text-align: justify">Technically, Litecoin remains below the downtrend line connecting the highs since May and trades below its 50-day moving average, pointing to a persistent bearish trend. If this trend continues, Litecoin may fall to $60, and potentially to $50 if breached. Conversely, a volume-backed move above the downtrend could trigger bullish momentum.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">Based on the article’s insights, key conclusions include:</p>
<ul>
 <li>Whale buying activity indicates large investors view current prices as buying opportunities.</li>
 <li>Daily active addresses have significantly decreased, indicating lower transaction activity.</li>
 <li>Open interest in the futures market is substantially lower, reflecting reduced investor demand.</li>
 <li>A near-negative funding rate could heighten short-term price decline risks.</li>
 <li>Critical support levels to watch are $60 and $50.</li>
</ul>
<p style="text-align: justify">The increased whale activity and social media buzz around Litecoin are notable. However, the decline in active addresses and stagnant futures market suggest potential for further price drops. Investors should monitor Litecoin’s technical levels and funding rate changes closely, with $60 and $50 being crucial support points.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/whales-boost-litecoin-activity-during-market-slump" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Boost Litecoin Activity During Market Slump</a></h5>

Whales Boost Litecoin Activity During Market Slump

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