The Litecoin whale (LTC) moves $ 1.1 billion: LTC / USD recovery begins

• Litecoin what moves 35.400.000 LTC in less than 24 hours occupying 60% of the roof of the business market.
• Litecoin earns 3.87% on a daily basis while the bulls regain control.
• All fundamentals indicate a bullish break.

The Litecoin network has recently seen a whale move a colossal amount of LTC in just one day. The transaction has had an impact on the total value of the assets transferred on the network. The operation, which took place on 30 November, saw the Litecoin network support an operation that absorbed 60% of the total market capitalization. This means that the investor has moved about 35.4 million LTC in less than 24 hours, which translates to about $ 1.1 billion in USD.

The last of such a transaction was witnessed in February of this year. The transaction at the beginning of the year was mainly fueled by the panic stigmatized by the news that there will be a collapse of the crack market. Since then, the network has recorded transactions totaling $ 100 million on a daily basis. The low transaction on the network could also mean that people are moving away from the speculative nature of the criptos and are embracing the basic uses of the same.

Litecoin technical price frame

Litecoin recovery takes effect at the time of writing. The business increased by 3.87% on the day, moreover, it broke out from a short-term downtrend channel. The price of Litecoin is currently flirting with the Fib level of 38.2% between the highs of $ 35.1 and the lows of $ 29.71. Higher, LTC / USD will face resistance to 100 SMA and 200 SMA (hourly interval) at $ 32.06 and the Fib level of 50% ($ 32.47) in that order. There will be seller concentration at $ 34.00 (immediate supply area) and high swing (upper refueling area). All fundamentals indicate a bullish break for the Litecoin price with the RSI ranging to 52 while the fast stochastic oscillator is in overbought levels.

Chart at 1 LTC / USD