Litecoin (LTC) whale moves $1.1 billion: LTC/USD recovery begins

Litecoin what moves 35,400,000 LTC in less than 24 hours taking up 60% of the assets market cap.
Litecoin gains 3.87% on daily basis as bulls take back the control.
All the fundamentals point towards a bullish break.

The Litecoin network recently saw a whale move a colossal amount of LTC in a single day. The transaction had an impact on the total value of assets transferred on the network. The transaction which took place on November 30 saw Litecoin network support a transaction that took up 60% of the total market capitalization. This means that the investor moved approximately 35,400,000 LTC in less than 24 hours which translates to about $1.1 billion in USD.

The last of such a transaction was witnessed in February this year. The transaction at the beginning of the year was mainly fueled by panic castigated by news that there will be a crypto market crash. Since then the network has been recording transactions totaling $100 million on a daily basis. The low transaction on the network could also mean that people are moving from the speculative nature of the cryptos and embracing fundamental uses of the same.

Litecoin price technical picture

Litecoin recovery is taking effect at the time of writing. The asset is up 3.87% on the day, in addition, it has broken out of a short-term descending channel. Litecoin price is currently flirting with the 38.2% Fib level between the highs of $35.1 and the lows of $29.71. Further up, LTC/USD will face resistance at the 100 SMA and the 200 SMA (hourly range) at $32.06 and the 50% Fib level ($32.47) in that order. There will be seller concentration at $34.00 (immediate supply zone) and the swing high (upper supply zone). All the fundamentals point towards a bullish break for Litecoin price with the RSI ranging at 52 while the fast stochastic oscillator is in the overbought levels.

LTC/USD 1-hour chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.