- Abnormal transacion volume detected in Litecoin’s network.
- LTC/USD needs to recover above $30.00.
Litecoin quietly slipped to the place in the global cryptocurrency rating as the coins’ capitalization reduced to $1.5B. LTC/USD is changing hands at $25.92, off the early Asian high of $25.13. The coin is down 11% since this time of Thursday moving in sync with global cryptocurrencies.
Interestingly, Litecoin whale activity was registered at the end of November, when someone transferred over 12 million Litecoins. The total trading volume catapulted to $1.1B, which is ten times more than the average daily figures of about $100M. All in all, approximately 35 million coins or 60% of total Litecoin issuance were transferred in a single day.
While this anomaly had little effect on Litecoin’s price, it bodes well with the whales’ activity in other coins like Ethereum and Bitcoin. In Ether, whales’ holdings increased by 80% in November, while Bitcoin large investors have been stirring the market with large transactions for quite a while.
Litecoin’s technical picture
On the intraday level, LTC/USD managed to recover above SMA5 (1-hour); however, we need to see the price growth at least above $30.00 to get some technical improvement. This level is guarded by SMA100 (1-hour) and followed by SMA200 at $31.67.
On the downside, a sustainable move below $25.00 will send the coin in the tailspin with the next aim at $23.43 (the lowest level since June 2017) and to $20.00.