Key Takeaways
- LTC whales have been aggressively increasing their holding balances.
- The largest spike in LTC daily active referrals in six months has been recorded this week.
- Litecoin continues to be challenged with $ 90 daily resistance as traders eye $ 100.
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Litecoin has entered a period of consolidation below the $ 90 level after the popular altcoin staged a major technical recovery from the $ 64.4 support level. Holding this level keeps the $ 100 target alive and well.
Litecoin Prepares for Swing
LTC has enjoyed the latest bull run last month, as well as the recent news that it would be featured in it PayPal’s a recent probe into the cryptocurrencies.
Data on the chain has also indicated that whales are turning to Litecoin, even as the LTC / USD pair trades toward the top of its twelve-month trading range.
This metric matches the bullish retreat above $ 70 support.
Addresses holding between 10,000 -100,000 Litecoin began selling some of their holdings on November 28, indicating that short-term speculators are taking a profit after running into strong annual resistance around the $ 90 level.
A shift in Litecoin’s daily active addresses also suggests that a major directional move could be on the horizon. On December 1, the largest spike in six months for LTC’s daily operational addresses took place, highlighting new money coming into the network.
Historically, spikes in daily operating directions have predicted large price movements, highlighting the continuation of the general trend or the start of a new one.
Litecoin’s weekly time frame remains positive while bulls keep the price above the $ 65 support region, setting the $ 100 and $ 140 levels as legitimate upside targets in the coming weeks.
Technical analysis highlights the fact that LTC buyers have to keep the price above $ 65 to prevent a decline back to the $ 50 area.
In the near term, failing to overcome the $ 90 resistance barrier over the next few days could result in the LTC pair falling toward the $ 80 or even $ 70 area before the uptrend resumes.
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