. Daily Crypto Analysis - Whale Signals Rattle Litecoin, Decrypting Market Destiny

Daily Crypto Analysis – Whale Signals Rattle Litecoin, Decrypting Market Destiny

Daily Crypto Analysis – Whale Signals Rattle Litecoin, Decrypting Market Destiny

21 Nov 2023

Introduction:

In the world of cryptocurrencies, Litecoin price faces bearish pressure amidst profit saturation, and the actions of LTC whales serve as a crucial indicator for potential price movements. As the broader cryptocurrency market remains uncertain, the behaviour of whale addresses becomes a key factor in determining Litecoin direction.

Litecoin:

LTC whales may indicate the next change in the price of Litecoin when profit booking stops

Litecoin is experiencing a bearish decline as the market tempers amid profit saturation. Notably, the activity of whale addresses in LTC has served as a consistent buy/sell indicator, potentially indicating the forthcoming direction of price movement.

The upward movement in Litecoin price may have reached its peak earlier than anticipated. However, like the broader cryptocurrency market, predicting the next move for this altcoin remains uncertain. Interestingly, the key lies not solely in macro market cues but significantly in the actions of whale addresses.

Litecoin price recorded a 25% surge in the latter part of October; however, in the recent two weeks, the altcoin has witnessed a continuous decrease.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 69.72 | Positive Crossover | Bullish
  • MA 20: 70.27| Negative Crossover | Bearish
  • MA 50: 70.65| Negative Crossover | Bearish

Simple:

  • MA 5: 69.74 | Positive Crossover | Bullish
  • MA 20: 70.31| Negative Crossover | Bearish
  • MA 50: 71.86| Negative Crossover | Bearish

RSI (Relative Strength Index): 46.37| Buy Zone |Bullish

Stochastic Oscillator: 75.09| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 70.17| R2: 74.17
  • S1: 67.38| S2: 64.01

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 71.15 | Take Profit: 74.17 | Stop Loss: 69.64.

Elsewhere In the Crypto Market

Bitcoin’s (BTC) price appears to be moving upward at first glance, but upon closer inspection, it becomes evident that a correction might be in progress. XRP price-maintained levels above $0.60 early on Tuesday. On the weekly chart, Ethereum price is in a consolidation phase within the confines of an ascending triangle.

Bitcoin down (0.26%) at 37,340.00, Ethereum up (1.33%) at 2,039.0, Litecoin up (0.42%) at 70.89, Solana up (0.36%) at 60.49, Doge coin up at (0.94%) at 0.81 as of writing time.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 00:15.

(AUD) RBA Meeting Minutes at 06:00.

(CAD) Core CPI (MoM) (Oct) Previous –0.1% at 19:00.

(USD) Existing Home Sales (Oct) Forecast 3.90M, Previous 3.96M at 20:30.

(EUR) ECB President Lagarde Speaks at 21:30.