Litecoin Price Prediction as $700 Million Sends LTC Up 12% – Are Whales Buying?
The price of Litecoin (LTC) has increased by 2.5% in the past 24 hours, rallying to $67.98 on a day when the cryptocurrency market as a whole has gained by a more modest 1%.
LTC is now up by 13% in a week and by 5.5% in the past month, with the altcoin's 24-hour trading volume rising beyond $700 million today, as buyers enter its market.
And it seems that much of the impetus for its gains today has come from the news that someone used LTC to buy an Omega wristwatch worth around $2,895, underlying its utility and potential as a means of payment.
Litecoin's indicators have taken a turn for the bullish in the past few days, with its relative strength index (purple) rising beyond 50, after having spent a very long time in a decidedly oversold position.
The RSI's climb would suggest increasing momentum, as would the fact that LTC's 30-day moving average (yellow) has stopped falling and looks ready to begin climbing towards its 200-day average (blue) once again.
Perhaps a more bullish sign is that a pennant has been formed between LTC's resistance (red) and support (green) levels, implying that a breakout is likely to occur very soon for the altcoin.
As such, the market could see it reach $70 in the next few days or weeks, a level it last held back in the middle of August.
The coin had already been enjoying some steady gains over the past week, yet it's likely that today's surge was helped by the news of the aforementioned watch purchase, which testifies to LTC's utility as a cryptocurrency.
Indeed, it's telling that Litecoin (rather than Bitcoin) was used for this purchase, something which suggests that the cryptocurrency may have a future as a means of payment.
Having said that, it also needs to be highlighted that LTC has also
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