Altcoin Litecoin (LTC) is struggling to regain its former strength. It showed signs of recovery a few weeks ago. However, the altcoin has faced obstacles in sustaining its bullish momentum. Foreign market factors contribute to this struggle. On the other hand, there is the performance of LTC’s large owners, known as whales. Accordingly, it plays an important role in influencing the trajectory of the cryptocurrency.
Failed support retest of altcoin Litecoin
Altcoin Litecoin price was on the verge of breaking the $69 resistance level and turning the 50-day Exponential Moving Average (EMA) into a support base. Achieving this will create a strong foundation. It will also potentially lead to a correction of the 100-day and 200-day EMAs. On the other hand, it will lead to a push towards the $80 mark. However, this significant retest failed.
As a result of this pullback, LTC shifted downwards. Conversely, it tested the $63 support. Additionally, the Relative Strength Index (RSI) remained in bearish territory below the neutral line at 50.0. Typically, a successful return from the neutral line means something. It is considered a bullish signal, depending on finding enough bullish support and turning the resistance level into a support line.
Litecoin’s future uncertainty
The future of altcoin Litecoin remains uncertain depending on its ability to gather bullish support and transform the resistance level into a solid support line. Failure to do this will pave the way for further decline. To get back on its feet, Litecoin must overcome the challenges posed by both market dynamics and its own whale activity.
Litecoin, one of the oldest cryptocurrencies, has a significant user and investor base. However, a significant portion of its circulating supply is controlled by whale addresses holding over $100,000 in assets in their wallets.
whale operations
Currently, altcoin Litecoin’s whale transactions total just $1.22 billion. Accordingly, this indicates the lowest figure since December 2020. This decline is particularly concerning considering that even the daily average remained significantly high, exceeding $11 billion at its lowest point.
Altcoin Litecoin’s recovery journey faces dual challenges. When we look at Kriptokoin.com, these challenges are to overcome resistance levels and revive whale activity. The altcoin must find a way to garner strong support. Otherwise, it risks a further decline in its valuation. The next steps for Litecoin will be remarkable. Accordingly, it will be crucial in determining the path forward in the ever-evolving cryptocurrency market.
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