Litecoin (LTC) is experiencing a surge in large transactions, processing an average of $2.85 billion daily in transfers over $100,000. This figure, reported by blockchain analytics firm IntoTheBlock on July 11, represents over 50% of Litecoin’s market cap.
The spike in whale activity has caught the crypto community’s attention, as Litecoin outperforms many Layer 1 blockchains in this metric. For context, Dogecoin (DOGE), despite having roughly triple Litecoin’s market cap, sees only $590 million in large transactions daily.
This increase in high-value transfers coincides with positive price action for LTC. As of July 12, Litecoin is trading at $68.43, up 1.27% in the last 24 hours, with a trading volume of $297 million. The cryptocurrency currently ranks 20th on CoinMarketCap, boasting a market cap of $5 billion.
Litecoin (LTC) technical analysis
Technical analysis suggests LTC is testing a critical resistance level near $70. The four-hour chart shows repeated attempts to break this barrier, with bears struggling to maintain control. Support has solidified in the low $60s over the past two weeks, providing a potential springboard for further gains.
Indicators paint a cautiously optimistic picture. The MACD on the four-hour timeframe indicates building buying pressure, while the RSI sits at 63.84, suggesting room for continued upward movement without entering overbought territory.
On the bullish side, Santiment’s on-chain data highlights a notable surge in Litecoin network activity. The number of active addresses has impressively doubled from 345,000 in May to exceeding 700,000 at present, outpacing both Bitcoin and Ethereum in this aspect.
Amidst the uncertainty in the market, investors are cautious. Litecoin’s failure to establish a consistent upward trend after a recent period of decline has left many observing from a distance.
Looking ahead, breaching the $70 mark could open doors to price levels not witnessed since February for LTC. However, if this hurdle isn’t surpassed, the market might remain stagnant, possibly sliding towards $62 as it searches for a clear path.
