Here’s why ‘Litecoin’s price to $150’ is NOT a bad call to make for traders
Litecoin whales have been active, but are they as active as they are supposed to be?
Key Takeaways
Litecoin bounced off its trendline support for the fifth time, reinforcing bullish momentum despite weaker whale activity. While on-chain retail buying has been strong, a fall in trading volume could hamper a potential rally towards $150.
Litecoin (LTC) is once again testing traders and investors’ patience. On the daily charts, the altcoin bounced off its long-standing trendline support for the fifth time in a row – A sign of just how important this level has become.
Every retest that holds only reinforces the market’s belief that buyers are willing to step in. Even when sentiment across the broader market may be shaky.
Retail traders step up as whales ease off
That’s not all though on-chain metrics appeared to support the aforementioned bullish outlook.
In fact, AMBCrypto’s analysis of CryptoQuant’s Futures Bubble Maps data highlighted the market heating up – A sign that volatility could pick up soon.
Similarly, the orders distribution seemed to be skewed towards the orders below $1 million.
Smaller buy orders — those under $1 million — have been significantly accumulating lately. This could imply that retail traders have been providing much of the bids.
On the contrary, whale activity shrunk across the board. Order sizes from big players fell over the last 24 hours and that slip appeared to be tied to a 22% drop in trading volume at press time.
To put it simply, retail interest has been carrying much of the market’s momentum. Worth noting, however, that history reveals that sustained rallies often need more significant inflows to push through key resistance levels.
A make-or-break zone?
On the technical front, Litecoin’s charts looked both promising and cautionary. At the time of writing, the Stochastic RSI was approaching an oversold zone – A potential reversal zone.
LTC’s price action seemed to be leaning bullish. As long as the ascending trendline holds, traders may be eyeing the $140-liquidity cluster as the next test.
If bulls can clear that hurdle, a bullish run towards $150 might come into play. Whether retail enthusiasm can drive it there on its own — or whales return to lend weight — will decide the next chapter f0r Litecoin.
