The leading cryptocurrency Bitcoin (BTC) may have experienced a bullish phase after its price rose to $67,000. However, the decentralized peer-to-peer cryptocurrency Litecoin (LTC) underperformed following the broader market recovery, showing horizontal movement on the daily chart.
Will There Be a Recovery in LTC?
The trend of the fluctuating price chart indicates no dominance by buyers or sellers for a directional rise. The ongoing consolidation in Litecoin price shows strong resistance at the $88.6 level, limiting buyers’ recovery attempts. However, the daily chart analysis shows that LTC price has developed a series of new lows, indicating a shift in market sentiment towards buying this token during dips.
These lows, connected by a rising trend line, provide dynamic support for buyers to lead a higher rise. At the time of writing, Litecoin is trading at $84, potentially indicating a 2% gain.
Whale Accumulation in Litecoin
According to recent data from the leading crypto analytics firm IntoTheBlock, Litecoin whales significantly increased their accumulation last month. The firm’s analysis reveals that these whales accumulated 2,751,633 LTC in the last 30 days alone. This accumulation may indicate strong confidence among large investors despite overall market volatility.
Notably, on May 10, there was a significant increase in activity, with over 900,000 LTC net inflows to these addresses. This was the highest single-day increase since February, highlighting the potential strategic positions of large-scale investors in anticipating future price movements. If the rising trend line holds, LTC price could surpass the $88.6 resistance, providing buyers with suitable support to push the recovery trend to $100 and then to $112.8.
