In 2022, Litecoin's whale trade will exceed 1 million dollars, which is good news for LTC?

Oct 27,2022
In 2022, Litecoin's whale trade will exceed 1 million dollars, which is good news for LTC?

Litecoin has remained silent for most of this year and will only be mentioned when its price declines relative to the overall sentiment of the entire encryption market.

The value of the Lettercoin has risen 1.3% in the past week.

The transaction price of LTC is expected to be 54.89 dollars in the next five days.

In the next few weeks, the stock may fall sharply from the current trading price.

Since reaching the historical high of $410.26 (ATH) on May 10 last year, the encryption technology has been steadily declining, losing a large part of its milestone value.

As of October 25, according to the market value of the 22nd neodymium from the coin gecko, the largest cryptocurrency transaction price was $52.80, up 1.7% in the past seven days.

LTC has only managed to increase its price by 1.4% in the past month, and since its ATH listing, there has been no sign of reducing losses.

However, in the past week, Litecoin's ecosystem witnessed a major event that may persuade potential buyers to invest in this digital asset.

Trade and address activity of Litcoin Whale rose

LTC managed to increase its value by 3% in the past 24 hours and 1.3% in the past week. Considering that many digital currencies, including Bitcoin and Ethereum, continue to struggle in a long-term bear market, this development is surprising.

But Letcoin managed to keep green in its price chart. In addition to the record so far this year, it may be that its blockchain is witnessing huge network activities.

According to the data shared by Santiment, on October 20, as LTC prices began to rise relative to crypto alpha bitcoin, the whale transaction on Litecoin network reached more than 1 million dollars.

In the past week, the number of daily active addresses of asset and blockchain projects has also risen significantly, indicating a significant increase in the interest of holders and investors.

The Lettercoin has been unknown in 2022, but the address activity whale trade has seen an explosive growth this week. Especially for online transactions worth more than 1 million US dollars, these peaks happened just when US dollar long-term loans began to rise.

Will this help the Lettercoin to rise again?

Such a huge increase in network activity usually augurs well for assets. However, this is not the case for the Lettercoin, as its indicators indicate that prices will fall sharply.

On October 5, the relative strength index (RSI) of LTC was 62. However, in the past few weeks, this indicator has dropped to 41.

The cash flow index (MFI) of the asset also showed a downward trend, staying at 41 points, lower than the neutral area of 50.

Lettercoin has also been under great selling pressure, which is reflected in its undervalued cash flow of Chaijin (CMF).

With this, although the password may rise to $54.89 in the next five days, there is no time to celebrate because the asset forecast will rise to $35.40 in the next 30 days.