Litecoin Price Prediction as $200 Million Trading Volume Sends LTC Up 1% – Are Whales Accumulating?
The price of Litecoin (LTC) has risen by 1% in the past 24 hours, reaching $64.98 as the altcoin's trading volume remains above $200 million.
LTC is now down by 1.5% in a week and by 31% in the last 30 days, while the cryptocurrency has also declined by 7% since the beginning of the year.
This compares poorly with the many major tokens (e.g. BTC, ETH, XRP) that have recovered well since January, although on the flipside it can be argued that LTC has therefore been severely undervalued and oversold in the past few months, and that it's due a big comeback anytime soon.
As bad as LTC's performance has been in recent weeks, it's clear from a technical perspective that it has more or less hit rock bottom, and that the only way is up for the token.
The coin's 30-day moving average (yellow) has continued to plunge substantially beyond its 200-day average (blue), and given how far below it now is, we should soon see a strong correction upwards.
This assumption is validated by LTC's relative strength index (purple), which has remained below 30 after sinking to 20 a week and a half ago, providing another clear sign that the altcoin has been severely oversold.
And while LTC has fallen through a number of support levels in recent weeks and months, its short-term support (green) has risen every so slightly since the middle of August.
This provides some indication that LTC has hit a bottom and is now ready to recover, with its current trading volume suggesting liquidity to spark a strong movement in the very near future.
As for fundamentals, there isn't really anything on Litecoin's horizon that would suggest an incoming rally, with the cryptocurrency having gone through its halving earlier this month.
The halving was disappointing for LTC in
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