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- Litecoin has seen a 0.98% increase in the past 24 hours.
- Gauges indicate increased whale activity and large filtering areas.
Litecoin [LTC] The US dollar exchange rate has seen a modest gain of 0.67% over the past 24 hours, raising interest in the possibility of an imminent bullish reversal.
The altcoin was bouncing off a key support level at $61 at the time of writing, a critical point that could determine its next move.
LTC price has been under pressure in recent sessions, forming a descending triangle pattern on the charts.
This pattern usually indicates a continuation of the downtrend, but the price appears to be holding near $61, a historically important support level.
Market participants are now closely watching this level for signs of a potential bounce. This technical analysis is supported by the stochastic RSI, which was approaching a bullish crossover in the oversold zone at the time of writing.
If this crossover occurs, it may indicate that selling momentum has exhausted, paving the way for a price recovery.
Source: TradingView
LTC whales on the move
According to Santiment data, there has been an increase in whale activity involving large transactions recently. The percentage of whales holding more than $5 million is 55% as of this writing.
This spike in development indicates that large LTC holders have been taking long positions, which in turn could lead to large movements in LTC prices.
Social engagement with Litecoin has also increased as the platform enjoys high engagement rates. Typically, as social interest around LTC increases, interest increases, and thus trading activity and price increase.
Source: Santimen
Can LTC Avoid a Major Market Shake?
According to AMBCrypto’s look at Coinglass’ heatmap data, there have been clusters of liquidations around the $65 support level. These liquidation clusters could act as a price magnet to pull LTC prices higher.
Source: Coinglass
Reads Litecoin [LTC] Price prediction 2024–2025
Litecoin is at a critical juncture right now. Despite the significant price declines, the waning bearish sentiment and some on-chain data suggest that we may see new highs soon.
With LTC accumulating bullish momentum since retesting the $61 support level, its future trend could turn bullish if the sentiment persists.
