Binance Whale Is Quickly Attracting This Altcoin! ‘Waiting for Launch’ – Kriptokoin.com

The data shows that a Binance whale has withdrawn $11.4 million in LTC. This is considered as a sign that more accumulation may occur in the market. Meanwhile, according to crypto analyst Tony, a potential Elliott Wave Theory chart pattern called an expanding diagonal ending could be starting bullish for Litecoin.

Binance whale pulls a huge pile of LTC

Whale-watching platform Whale Alert detected a major transaction on the Litecoin Blockchain the other day. This transfer included the movement of 122,769 LTC, which was worth approximately $11.4 million at the time of the transaction. Below are some additional details about this major LTC transfer and it may shed some light on some of the context around it.

It seems that this transaction only cost the sender an insignificant fee of 0.00004516 LTC / Source: Whale Alert

As you can see above, the entries for this massive Litecoin transfer came from a wallet linked to the Binance exchange, while the recipient was an anonymous wallet. Unknown wallets are usually addresses that are not affiliated with any known centralized platform (such as an exchange) and thus are likely to be the wallet holders’ personal surveillance wallets.

What are the possible effects of Binance whale transactions?

Such transfers, in which cryptocurrencies are moved from an exchange to an offsite personal wallet, are called ‘exchanges’. Usually, investors withdraw their cryptocurrencies to their personal addresses to keep them from these platforms for a long time. Therefore, stock market exits can have an upside effect on the price of the asset. In the current situation, it is likely that there is a whale presence behind it, as the movement of the cryptocurrencies involved is huge.

Whales are investors who hold large reserves of an asset and therefore can move high volumes of cryptocurrencies at the same time. This gives them the power to sometimes cause noticeable effects on price. So their behavior can often be something to consider. Here, the whale pulled a large number of tokens from the Binance exchange, and this could be a sign that the owner has just purchased these tokens and is now taking them to HODL. Interestingly, the same whale made a debut just a few days ago, as the details below show.

Binance
Another great LTC transaction / Source: Whale Alert

cryptocoin.comAs you follow, Litecoin’s price has been on a fast uptrend recently, outpacing most assets. At such times, it’s not uncommon for money to be invested in exchanges, as some whales rush to attack while the opportunity to make a profit is still warm. However, the fact that this whale appears to have made some major pullbacks while this price surge is taking place may mean that the investor has a strong bullish belief in the price and believes the rally will continue further. Obviously, this will only be the case if these stock market exits are truly made with savings in mind. If instead it was made with selling through peer-to-peer (P2P) trades in mind, the asset might feel bearish instead.

Litecoin prepares for takeoff as crypto market recovers

Litecoin has fallen out of favor since the 2017 bull market. The cryptocurrency was once considered silver to Bitcoin as digital gold is more like holding a piece of coal. The altcoin massively underperformed Bitcoin, Ethereum and much of the market. It fell out of the top ten cryptocurrencies by market cap in favor of shiny new coins. But all this can change in an instant according to an expanding diagonal graphic model.

According to Elliott Wave Theory, it is an expanding pattern with an expanding diagonal, an upward sloping upper resistance trendline and a less steep, upward slowing lower support trend alone. The price bounces back and forth between each trendline in successive waves of positive growth and correct behavior. If the model is indeed an accurate interpretation of market dynamics, Litecoin is potentially poised for the model’s last and strongest wave.

Binance
LTC could be ready for biggest rally in years / Source: TradingView

Why might this be the end of LTC growth for a while?

While the current projection for Litecoin is bullish with price targets in excess of $1,400 per token, the widening diagonal typically only forms as a leading or ending pattern. Leading diagonals typically appear at wave placement 1 or wave 5 placement in a motion wave. Since Litecoin has already formed several waves with larger degrees, the pattern is more likely than the expanding variant ending. This may suggest that after the next strong rise in LTC, this could be the last for years.

Litecoin, like Bitcoin, has several features that make it more of a commodity than a security. While the 3rd wave is the longest and strongest in the stock market, the 5th wave brings the most violence in the commodity markets. The particular chart pattern and development may indicate that the last wave, if this Elliott Wave number is correct, will be the biggest and most memorable in years.

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