Litecoin Whales are Active Again! LTC Price Poised for a Gaint Move Ahead!
The crypto space appears pretty bullish as the Bitcoin price gained some strength and raised notably to reach the target of $17,500. Meanwhile, Litecoin, which is also called a Lite version of Bitcoin also appears to be poised to kick off a firm bull rally very soon. With the revival of the bullish trend, the majority of the altcoins may also follow causing a fine bullish divergence.
Whale accumulation is one of the major indicators of the revival of a strong bullish trend ahead. The Litecoin whales, which remained dormant for a long time, have not just woken up but also jumped into action. Previously, the network upgrades failed to impact the LTC price, but the recent on-chain developments may cause digital silver to make a huge comeback.
According to the on-chain analytical platform Santiment, Litecoin whales have been accumulating heavily which has been the highest level since June 2017.
Litecoin recently made huge headlines recently after a significant amount of LTC was moved out of wallets that were dormant for a long time. On the other hand, the Litecoin price has been maintaining its trend along the horizontal line with less volatility while the volume remains pretty low. However, the price is maintaining a parabolic curve to reclaim the lost levels above the 3-digit figure.
The price is expected to maintain a horizontal consolidation for another couple of days ahead and further propel high to reach $100 before the end of 2022. However, the possibility of dropping back to the lower support close to $50 also appears pretty high which is expected to trigger a massive upswing later.
Collectively, Litecoin (LTC) price appears to be under the influence of bulls and hence may eventually lay down a significant upswing after a minor consolidation.