The crypto markets have begun to experience a resurgence in 2023, with transactions from large whales continuing to drive movement in the space. Litecoin (LTC) has been no exception as its large whale transactions have seen a sharp rise in activity over the past few months.
According to data from blockchain analytics firm Santiment, the number of whale transactions involving LTC has more than doubled since the beginning of 2023, reaching its peak in January.
The most recent spike in large whale transactions is indicative of renewed interest from these investors, who are known to make sizeable investments in digital assets. This could be a sign that the price of Litecoin is set to receive a boost, as in the past two similar whale spikes, prices jumped +37% and +33% at their peaks.
The Whale transactions are valued at $1 million or more, meaning that a high influx of these transactions could have a significant impact on the overall price of Litecoin. Litecoin price has surged by 23.95% in the last 30 days while the 24-hour price change is +1.41%.
Today’s all-time high hashrate of 798.43 TH/s is a testament to the strength of the Litecoin network and its dedication to providing users with secure cryptocurrency transactions. This rising hashrate is indicative of an increasing number of miners joining the network, which demonstrates that more people are recognizing it as a reliable and viable currency.
The all-time high hashrate also means that Litecoin is more secure than ever before. This is due to the fact that as the hashrate increases, it becomes more difficult for malicious actors to execute double-spend attacks or other forms of attack on the network. As such, users can have confidence in using Litecoin for their transactions.
Litecoin’s recent price analysis
Litecoin is trading at $89.16, with a 24-hour trading volume of $527,423,834.The price of Litecoin has seen a steady climb since January 2023, with several brief downturns along the way. This could be partially attributed to overall cryptocurrency market sentiment as well as large whale transactions.
Litecoin’s technical analysis on the daily and weekly timeframe indicates the LTC/USD pair is trading in a bullish trend. On the daily chart, the price is trading above all three major moving averages (50-day, 100-day, and 200-day). The RSI indicator is currently in the overbought zone at 73.00.
On the weekly timeframe, the LTC/USD pair has breached out of a descending triangle pattern and is currently trading above the key resistance level of $85.00. The MACD indicator is showing a bullish crossover and is trending upwards, indicating an upward momentum for Litecoin.
On the 4-hour and hourly timeframe, bulls have been active in pushing the price higher. The 4-hour chart shows that the MACD indicator is displaying a bullish crossover and is currently trending up, suggesting an upwards trend for Litecoin.
The Relative Strength Index (RSI) on the hourly chart is currently at 73.34, which indicates that the cryptocurrency is in the overbought zone. Additionally, the Stochastic RSI is displaying a firm bullish action, indicating that the buyers are in control of the market.
Conclusion
A surge in whale transactions involving Litecoin indicates a renewed interest from these investors, who are known to make sizable investments in digital assets. This could be a sign that Bitcoin’s price is set to receive a boost and potentially see further highs as we move through 2023.
Technical analysis on both the daily and weekly timeframe points to a bullish trend, with Litecoin trading above all three major moving averages. Ultimately, this renewed interest from whales could be just what’s needed to propel Litecoin even higher, potentially setting the stage for a bullish 2023.
Litecoin prices are facing rejection at the $90.00 level, where bears are attempting to take control of the market while the support levels lie at $85.00 and $80.00.
