Litecoin (LTC) Price Still Range Bound Despite Whales Purchase
- Whales accumulate Litecoin at lower levels, signaling bullish momentum despite price consolidation.
- Litecoin trades between 50-day and 200-day EMA, showing neutrality while on-chain growth persists.
The Litecoin price has been in a prolonged consolidation phase. However, the on-chain data suggests that despite being rangebound, whales are accumulating LTC, indicating bullishness.
According to IntoTheBlock data, the large holders’ netflows increased seven times in the last five days. Large holder inflows increased from 296,760 LTC on March 2nd to over 1 million coins as of March 6th. On the other hand, outflows spiked from 111,550 LTC to over 840,000 LTC.
The on-chain data demonstrates that whales are accumulating LTC at the lower levels. This indicates the demand for whales has increased, suggesting a bullishness in price. Moreover, famous crypto analyst Ali Martinez said in his latest X post that LTC maintains a bullish outlook as the MVRV Ratio signals strength.
Moreover, the social stats also show good signals. The data shows that the mentions on social media platforms like Telegram, X, and Reddit have increased in recent times. Besides this, Litecoin’s total addresses with balances are also increased suggesting on chain growth.
Litecoin Consolidates On Technical Chart
On the daily technical chart, LTC price is trading between the 50-day and 200-day EMA curves, suggesting neutrality. For a prolonged time, it has been trading in the range of $100 to $140, suggesting a consolidation phase.
According to CoinMarketCap data, currently, the LTC price is trading at $106.78, with an intraday surge of 5% indicating bullishness. The daily trading volume has dropped by 11.25%, and the volume-to-market ratio is 11.09%. Furthermore, the market cap is $8.06 billion, and the 24-hour trading volume is $894.12 million.
However, the trading view technical summary tells a different story. As per the technical summary of Litecoin, out of 26 indicators 13 are on the sell side, 8 are on the neutral side and 5 are on the buying side, indicating a sell signal.
Highlighted Crypto News Today:
Ethena (ENA) Hits $0.4572 with 13% Surge – Is a Bigger Breakout Coming?
