Whales Buying Litecoin As Bitcoin Silver Aims For $ 100

Litecoin has entered a period of consolidation below the $ 90 level after the popular altcoin staged a major technical recovery from the $ 64 support level. Maintaining this level keeps a $ 100 target alive and well.

Litecoin prepares for the swing

LTC enjoyed the latest bullish run last month, as well as recent news it would be included in PayPal recent foray into cryptocurrencies.

Data on the chain also indicated that the whales are turning to Litecoin, even as the LTC / USD pair is trading towards the top of its twelve-month trading range.

This metric coincides with the bullish retreat above the $ 70 support.

Addresses holding between 10,000 and 100,000 Litecoin began selling some of their holdings on November 28, indicating short-term speculators took profit after encountering strong annual resistance around the $ 90 level.

The movement in Litecoin’s daily active addresses also suggests that a major directional move may be on the horizon. The largest spike in six months for LTC’s daily active addresses occurred on December 1, indicating new money entering the network.

Historically, the spikes in daily active addresses have anticipated major price movements, indicating the continuation of the prevailing trend or the start of a new one.

Litecoin’s weekly time frame remains positive as the bulls hold the price above the $ 65 support region, positioning the $ 100 and $ 140 levels as valid upside targets over the coming weeks.

Technical analysis highlights that LTC buyers must hold the price above $ 65 to stop a decline in the $ 50 area again.

In the short term, failure to break out of the $ 90 resistance barrier over the next few days could result in the LTC pair falling towards the $ 80 or even $ 70 area before the uptrend resumes.