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Litecoin Rally Brewing? Big Wallets Load Up as LTC Technicals Flip Bullish
In a stunning turn of events, big whales have started loading up on Litecoin (LTC) as the cryptocurrency’s technical indicators flip bullish. This sudden surge in demand has been accompanied by an unprecedented increase in open interest and funding rates, which are all pointing to a strong bullish bias.
According to recent data from Santiment, wallets holding 1 million to 10 million LTC have been aggressively accumulating the token, with a massive addition of 360,000 tokens between June 5th and July 11th. This behavior change suggests that larger players have intervened during a dip in the market, potentially contributing to the recent steady price action and ongoing upward trend.
Meanwhile, wallets holding 100,000 to 1 million LTC reduced their holdings by 140,000 tokens, possibly reacting to broader market uncertainty. It’s clear that these major holders are not only increasing their exposure but also positioning themselves for further potential gains.
The cryptocurrency has seen its price surge to $98.21 as of Thursday, marking its fifth consecutive day of gains. This uptrend has been marked by a decisive break above the weekly resistance level at $96.30, which held previously.
Source: www.crypto-news-flash.com
