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- Detected anomalous transactional volume in the Litecoin network.
- LTC / USD must recover over $ 30.00.
Litecoin silently slipped on the global cryptocurrency rating while the capitalization of currencies was reduced to $ 1.5 billion. LTC / USD is changing hands at $ 25.92, above the Asian high of $ 25.13. The currency has decreased by 11% since this time on Thursday moved in sync with global cryptocurrencies.
Interestingly, the Litecoin whale activity was recorded at the end of November, when someone transferred more than 12 million Litecoins. The total trading volume has been catapulted to $ 1.1 billion, which is ten times higher than the daily average of about $ 100 million. In total, around 35 million coins or 60% of Litecoin's total emission were transferred in one day.
While this anomaly has had little effect on the price of Litecoin, it bodes well for whale activity in other currencies such as Ethereum and Bitcoin. In Ether, whale holdings increased by 80% in November, while large Bitcoin investors have been running the market for a while with large transactions.
Technical framework of Litecoin
At the intraday level, LTC / USD managed to recover over SMA5 (1 hour); however, we need to see price growth at least above $ 30.00 to get some technical improvement. This level is protected by SMA100 (1 hour) and followed by SMA200 to $ 31.67.
On the downside, a sustainable move below $ 25.00 will send the toll currency with the next target at $ 23.43 (the lowest level since June 2017) and $ 20.00.
LTC / USD, 1 hour
