Dogecoin

Litecoin

Million

Reversal

According to a report by IntotheBlock, Litecoin processes an average of $2.85 billion in transactions over $100k daily, which accounts for over 50% of its market cap. Surprisingly, this is more than most Layer 1 cryptocurrencies. 
For comparison, Dogecoin sees around $590 million in large transactions, even though it has roughly three times the market cap of Litecoin. This indicates substantial <a href="https://www.coingabbar.com/en/crypto-currency-news/pendle-price-whale-activity-tvl-drop" title="whale activity" class="f-link" rel="noopener noreferrer nofollow">whale activity</a> on the Litecoin network.
<h3 id="span-litecoin-price-prediction-ltc-suggesting-bullish-reversal-span">Litecoin Price Prediction: LTC Suggesting Bullish Reversal</h3>
On the daily technical chart, Litecoin is bouncing back by taking support at $57.18 showcasing mild bullishness in the last few trading sessions.
The price of LTC began to decline in early April, dropping from $113.00 and continuing a downtrend by breaking below key exponential moving averages.
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXf8pgFvIotA6gPZW66YWkk1EJm8PhSJ536tslWI0ibk9w5zYSK53R5CkkqlWw67DmVv9eBFMoK4UtB9dhmcRRAG_dSUnp2X9dC_ji9AnY0rzBDtnfI4yAuzTQTd_hR9S1cqMECJQm_7854i6Y-KYiNGS_U?key=OlfDVIkh4MlACiHv1TMx5A" width="624" height="287">
Source: Tradingview
The performance of the coin has been weak in the last few months as the price went down by 20.54% in the last three months, and down by 11.44% in the last month. However, last week it increased by 4.66% showing buyers' presence in the coin.
Moreover, indicators like MACD and RSI are also showing mild bullish signs. The MACD curve is in the bearish zone but forms a bullish cross and heads in an upward direction.
The RSI curve bounced back from the oversold zone and headed in the upward direction trading above the 14-day SMA line showcasing bullishness.
However, according to the technical summary of Tradingview out of 26 indicators 11 are on the sell side, 10 are on the neutral side and 5 are on the buying side suggesting bearishness in the chart.
At the time of writing Litecoin's price was trading at 68.37 with an intraday gain of 1.47% showcasing bullishness on the technical chart. The 24-hour trading volume was 311.04 Million and its market cap stands at 5.12 Billion.&nbsp;
If <a href="https://www.coingabbar.com/en/crypto-currency-news/litecoin-price-increased-announcement" title="LTC price" class="f-link" rel="noopener noreferrer nofollow">LTC price</a> surpasses the key exponential moving averages and sustains over it then it could start a bullish rally shortly. But if the price is rejected from key EMAs then it may continue the bearish momentum.
<h4>Conclusion</h4>
Litecoin is showing signs of a potential rebound, driven by significant whale activity and mild bullish indicators like MACD and RSI. While recent price movements suggest a possible upward trend, the overall technical analysis remains mixed. If Litecoin can surpass key exponential moving averages, it may initiate a bullish rally; otherwise, it could continue its bearish momentum.
Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/hamster-kombat-airdrop-plans" title="Hamster Kombat Airdrop Updates and Future Plans" class="f-link" rel="noopener noreferrer nofollow">Hamster Kombat Airdrop Updates and Future Plans</a>

Litecoin Whale Activity Signals Potential Price Rebound

Table of Contents

Coingabbar

Other articles published on Jul 12, 2024

Tigran Gambaryan: US Congress members submit resolution for release of detained Binance executive

CoinWire Predicts Global Crypto Trade Volume Will Exceed $108 Trillion by 2024

Ripple Faces SEC in Legal Battle

Bitcoin Miner Northern Data Predicts Robust Revenue Growth Amid AI Boom

Coincall: An Emerging and Rapidly Growing Cryptocurrency Derivatives Exchange

US Inflation Report Shifts Bitcoin Sentiment

Join our free newsletter for daily crypto updates!