While the decline tendency continued throughout the crypto market, Litecoin (LTC) was the most winning asset in the last 24 hours. The 10 %rise was supported by the increasing savings of major investors (whales) in recent weeks. So, can Litecoin maintain this performance?
Litecoin whales took action
On-Chain data shows that the net flow of Litecoin’s large wallets is an increase of 103 %. Great investors have started to accumulate LTC in the last week. This is interpreted as a strong signal of confidence in Litecoin’s future. The accumulation of whales is often considered a sign that prices will rise. The increasing interest of large investors is also mobilizing small investors. This may further upside down Litecoin’s price.
In addition, Litecoin’s relative power index (RSI) also supports the rise tendency. The RSI value indicates a medium rise momentum with 54.08. This shows that the procurement pressure increases and the price may rise further.
LTC Price Estimation: Is 124 dollars possible?
Litecoin’s Elder-Ray Index reached a positive value for the first time in eight days. This shows that the tendency to rise in the market is strengthened. The fact that the index is positive means that buyers deal with control.
If this trend continues further, Litecoin’s price seems to exceed $ 120 and reach up to $ 124.03. However, if the profit realization prevails, the price of the LTC may decrease to $ 109.81.
Conclusion: Can Litecoin continue to rise?
Litecoin draws attention with its recent performance. Increased savings of whales and positive signals in technical indicators support the rise of LTC. However, the risk of general uncertainties in the market and the risk of profit realization may withdraw the price.
In short, Litecoin’s performance in the coming days will depend on the movements and market conditions of big investors. If the rise signals continue, the target of $ 124 seems realistic. In addition, Litecoin’s recent network updates and increasing use areas attract investors. These factors increase LTC’s potential to further valuation in the long term. However, investors need to be careful.
