Based on data from crypto intelligence platform Santiment, whales are now holding the highest percentage of the available Litecoin supply for the first time since June 2017. Whale accumulation by large wallet investors is considered bullish for the asset.

As per data from a large wallet tracker service Whale Alert, there were two large LTC transfers recently. The first accounted for $5.8 million in LTC and the second was worth $59.8 million.

Both transfers have the same sending and receiving addresses, implying that the same large wallet investor made both transfers. Exchange outflows are considered bullish for assets. Litecoin’s exchange outflow is therefore a bullish indicator for the asset.

The EUR/JPY key resistance levels are the 143.80/95 area. A breach of the latter and the 144.00 psychological price level would be up for grabs, followed by November’s monthly high of 144.85.

Litecoin price climbed steadily from $57.67 to $84.75 in week two of November 2022. Since then, the altcoin has started a decline with a 50-day Exponential Moving Average (EMA) acting as resistance at $77.07 and the $73.59 level acting as key support for Litecoin price.

Litecoin price plummeted below support at the weekly low of $74.50 and is headed to test the $73.59 support after yielding nearly 5% losses overnight for LTC holders. A successful retest of the 50-day EMA could invalidate the bearish thesis for Litecoin price.

Based on the chart below, the 200-day Exponential Moving Average (EMA) at $68.89 and 50-day EMA at $67.44 are acting as support for altcoin.

Litecoin price is likely to face resistance at $85.03 in its uptrend and the target for the altcoin is $101.50.

Litecoin Persistent With Hawkish Momentum Above EMAs 50&200

Dec 12 2022