- Litecoin (LTC) has emerged as the top gainer in the crypto market, rallying 10% in the past 24 hours.
- Whale accumulation has surged 103% over the past week, indicating strong bullish momentum.
- LTC’s RSI is trending upward at 54.08, suggesting growing buying pressure.
Litecoin (LTC) has defied the broader crypto market downtrend, posting a rally over the past 24 hours. The surge is driven by increased whale accumulation, suggesting growing confidence in the asset’s potential for further gains. As large investors continue to build positions, LTC appears poised to extend its bullish run.
Whales Drive Litecoin’s Bullish Momentum
On-chain data from IntoTheBlock reveals a 103% surge in large holders’ netflow over the past week. This metric measures the difference between the coins whales buy and sell, and the spike indicates that whale addresses are increasing their LTC holdings.
A rise in large holder netflow is typically seen as a bullish signal, as it suggests that big investors are betting on LTC’s future growth. Retail investors often follow this trend, interpreting increased whale activity as a sign of market confidence. As demand rises, LTC’s price could continue to climb, creating a positive feedback loop in the market.
Further supporting the bullish sentiment, LTC’s Relative Strength Index (RSI) on the daily chart has climbed to 54.08. The RSI is a momentum indicator that measures whether an asset is overbought or oversold. Values above 70 indicate overbought conditions, while values below 30 suggest the asset is oversold.
With an RSI of 54.08 and trending upward, LTC shows moderate bullish momentum, indicating that buying pressure is increasing. If this trend continues, further upward movement is likely.
LTC Price Prediction: Can Litecoin Hit $124?
Litecoin’s Elder-Ray Index has turned positive for the first time in eight days, currently at 4.26. This index measures the balance between buying and selling pressure in the market. A positive value indicates that bullish momentum is dominant, suggesting that buyers are in control.
If this trend holds, LTC could break above $120 and target $124.03 in the coming days.
However, if profit-taking resumes, LTC could shed its recent gains and fall back to $109.81. Traders should watch for volume and momentum signals to confirm whether the bullish trend will continue or if a pullback is imminent.
