Layer-1 Coin Litecoin has emerged as the best winner in the market over the past 24 hours, strengthening the prevailing trend in the wider encrypted currency market.
A 10 % rally comes amid a noticeable increase in the accumulation of whales, as big investors gradually build their positions during the past week. With an increasing rise, LTC appears to be prepared to extend its current gains.
Litecoin whales increase holdings
Data reveals on the series that LTC has witnessed an increase in the number of the number in Netflow for its big holders during the past week. According to InTothheblock, this increased by 103 % during that period.
Older owners refer to whale addresses that contain more than 0.1 % of the supply of circulating assets. Netflow measures the difference between the metal currencies that these investors buy and the amount they sell during a specific period.
When the assets experience a height in Netflow, a large holder, their whale addresses increase their holdings. This is a bullish sign, and usually leads the upward prices, as these big investors are betting on the future growth of the original.
Retail investors often follow this trend, while seeing the increasing whale activity as a sign of confidence. With the accumulation of whales, the increasing demand can pay the LTC price up, which creates a positive reaction ring on the market.
Moreover, the RSI Relative Power Index (RSI), which was evaluated on the daily chart, confirms the increase in demand. At the time of the press, the RSI of LTC is at 54.08 and is in an upward direction.
This momentum index measures the conditions of the assets of assets and increase. It ranges between 0 and 100, with values higher than 70 indicates that the original has been clarified and this is due to the correction. On the contrary, values under 30 years indicate that the original is exaggerated and may witness a recovery.
At 54.08 and climbing, RSI suggested from LTC a moderate bullish momentum. It indicates an increased purchase pressure with the possibility of more upward movement if the direction continues.
LTC price prediction: Can it be $ 124 after that?
The LTC index recorded one of the largest LTC a positive value for the first time in eight days, highlighting the bullish shift in the market trends. At the time of the press, it is at 4.26.
The largest ray index of assets measures the relationship between buying and selling it on the market. When the index is positive, it indicates that the momentum ascending is dominant, indicating that buyers control and that the price of the original is likely to continue to increase.
If this continues, the LTC value can exceed $ 120 to trade at $ 124.03.
However, if the profit reformulation, the LTC price can climb the current gains and decrease to 109.81 dollars.
Disintegration
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