- Litecoin price is contained inside an ascending parallel channel on the 12-hour chart.
- LTC bulls have just defended a crucial support level and aim for a significant rebound.
- A key indicator is on the verge of presenting a strong buy signal for LTC.
Litecoin price is still down by 30% since its 2021 peak of $247. However, the cryptocurrency market is showing signs of a recovery, and Litecoin bulls are planning to take advantage of it.
Litecoin price poised for greatness as whales continue to accumulate
On the 12-hour chart, Litecoin price remains contained inside an ascending parallel channel and has just defended the lower trendline support. Additionally, the TD Sequential indicator has presented a red ‘8’ candlestick which is usually followed by a buy signal.
LTC/USD 12-hour chart
The confirmation of the buy signal has the potential to drive Litecoin price towards the middle trendline of the channel at $220 and up to the upper boundary at $260.
LTC Holders Distribution
Additionally, the number of whales holding between 100,000 and 1,000,000 LTC has significantly increased since February 8, from a low of 110 to 117 currently, which indicates large holders believe Litecoin price will rise even more.
LTC/USD 12-hour chart
On the flip side, if the bears can push Litecoin price below the key support level of $165, the digital asset can quickly fall towards $130 and as low as $90 in the longer-term.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows
Bitcoin market sees a decline in volatility per on-chain data from Crypto Quant. Bitcoin ETFs saw a net inflow of $129 million on July 1; on-chain analysts predict a relief rally in BTC.
Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47
Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day.
Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April
US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage. German Government transferred 1,500 BTC, valued at $94.7 million, out of its wallet on Monday.
Chainlink poised for a rally as whales buy the dips
Chainlink’s price bounced from the weekly support level at $13.15 and extends recovery on Tuesday. On-chain data shows that whales have accumulated 2.08 million LINK in the past seven days.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.