- Litecoin (LTC) held strong amidst the recent broad market “bloodbath” as whale demand increased to 84.8 million LTC within the period.
- LTC has been predicted to target the upper Bollinger Band at $139 once it makes a decisive move above the $120 price level.
Litecoin (LTC) was severely affected by the broad market liquidation that “dragged” Bitcoin (BTC) to below $80k and Ethereum (ETH) to $2.1k. According to our market data, Litecoin has declined by 9% in the last 24 hours and 11% in the last seven days. At press time, the asset was trading at $119 after its trading volume marginally surged to $2 billion.
Subjecting the asset to further analysis, our analysts observed that LTC posted an overall positive performance in February, having recorded a 5.29% gain in the last 30 days.
Technically, the recent rally was largely attributed to the rising sentiment around the possible approval of the spot LTC Exchange Traded Fund (ETF). Additionally, the price seems to be reacting to the recent listing of the Canary Litecoin ETF SHS BEN INT in the Depository Trust and Clearing Corporation (DTCC) system, detailed in our last news piece.
Meanwhile, experts have linked the broad market “bloodbath” to the recent decision of the US to impose a tariff on Mexico and Canada in March. Following that report, both Bitcoin and Ethereum plunged to multi-month lows, while Litecoin defied all odds to surge from $106 to $132 before taking a nosedive.
Exploring the reasons that could be fueling the LTC growth, we found that whales have been aggressively accumulating the asset. According to IntoTheBlock’s Large Transactions metric, 75.5 million LTC was transacted by whales when the price declined. This activity was quite different from the other assets where whales rather increased their selling activities.
As of February 26, demand by whales had surged significantly to 84.8 million LTC ($900 million based on the price at that time). Interpreting this market behaviour, analysts explained that this signals market confidence.
More About the Litecoin (LTC) Price Analysis
Currently, LTC is reported to be trading within the Bollinger Bands mid-range. The lower band of $107.64 is reported to be serving as a crucial support level. A decisive hold above the current level could put the asset in a better position to target the upper Bollinger Band at $139.
Based on the other indicators, LTC has more room for an upsurge as the current price, for instance, lies above the Parabolic SAR dots.
The breakout from the recent dip is also supported by the Volume Moving Average (VolMA), which is showing a sharp increase. According to analysts, an extension of the current momentum could send LTC to between $135 and $140. However, failure to sustain the trend could see the asset declining to $110.
Earlier, an analyst identified as Tony “The Bull” Severino predicted that LTC could surpass Bitcoin and record a 1500% gain. Per his observation, the Litcoin / Bitcoin pair has been on an uptrend after significantly rebounding from the bottom trendline. Fascinatingly, this is happening on the multiple-year descending channel.
Commenting on the current market trend, analyst Bluntz highlighted that LTC is in the ABC corrective wave against the US dollar. As indicated in our earlier discussion, the asset is expected to hit $180 in the short term. In a recent update, we also covered an analysis that tips LTC for a 360% surge in just 14 days.
