Introduction:

Litecoin’s struggle to regain momentum becomes evident as it revisits its December 2020 lows. Since August, it has failed to establish the 50-day EMA as a solid support level. Notably, Litecoin’s performance is under the influence of its sizable whale population, holding nearly 12% of the total supply, as their transaction volume declines. While the broader crypto market exhibits its dynamics, Litecoin challenges persist, impacting its trajectory in the ever-evolving world of cryptocurrencies.

Litecoin:

The price of Litecoin is struggling to recover as Whales retreat to its December 2020 lows.

Since the beginning of August, the price of Litecoin has been unable to convert the 50-day EMA into a support floor.

The LTC whales, which control close to 12% of the total circulating supply, are currently in check.

The LTC whales’ average transaction volume has been dropping, and it is currently $1.2 billion.

About two weeks ago, the price of Litecoin was beginning to show some signs of improvement, but it was unable to maintain the bullish momentum, leading to modest declines. While general market cues are to blame, the whales, whose underwhelming performance has affected the altcoin, also deserve a lot of the credit.

Technical Overview:

Moving Averages:

Exponential:

• MA 5: 64.16 | Positive Crossover | Bullish
• MA 20: 64.38| Positive Crossover | Bullish
• MA 50: 63.79 | Positive Crossover | Bullish

Simple:

• MA 5: 64.16 | Positive Crossover | Bullish
• MA 20: 64.38| Positive Crossover | Bullish
• MA 50: 63.79 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.86| Buy Zone |Bullish

Stochastic Oscillator: 41.01 | Buy Zone | Positive

Resistance And Support Levels: 

• R1: 66.56| R2: 75.43
• S1: 59.55 | S2: 53.25

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 68.66 | Take Profit: 75.43 | Stop Loss: 64.45.

Elsewhere In the Crypto Market

The price of bitcoin is at $26,242 with reduced volatility. However, as seen by these on-chain measures that monitor the actions of BTC holders, things could suddenly change. Due to the conditions surrounding the approval of the token’s futures Exchange-Traded Fund (ETF), the price of Ethereum (ETH) is probably going to experience a significant increase in volatility soon. XRP price trades at $0.491 after dropping more than 6% in the last month.

Bitcoin up (0.92%) at 26,450.40, Ethereum is up (1.59%) at 1,618.29, Litecoin is up (1.54%) at 64.76, Solana is down (0.75%) at 19.23, Doge coin up at (0.54%) at 0.61 as of writing time.

Key Economic Events & Data Release Today:

(EUR) European Central Bank Non-monetary Policy Meeting at 12:30