Coinspeaker
Litecoin (LTC) Price on Cusp of Major Bullish Breakout Fueled by Heightened Whale Activity
Amid the mainstream adoption of digital assets and Web3 protocols fueled by institutional investors, the Litecoin (LTC) network remains at the forefront of the altcoin industry. The mid-cap altcoin, with a fully diluted valuation of about $5.79 billion and a daily average traded volume of around, has registered a plethora of whale traders in the recent past.
According to on-chain data analysis provided by IntoTheBlock, the Litecoin network has been processing $2.85 billion in transactions exceeding $100K per day on average. Interestingly, the Litecoin network has been processing more high-value transactions than most layer-one blockchains with the aid of decentralized financial (DeFi) protocols.
Additionally, the Litecoin network has outshined the second largest proof-of-work (PoW) secured blockchain, Dogecoin (DOGE), which enjoys immense support from tech billionaire Elon Musk. On average, the Dogecoin network processes about $590 million in transactions per day.
Litecoin Prices Ready for Liftoff
After consolidating in a macro triangular pattern in the past six years, Litecoin’s price against the US dollar has signaled an inevitable bullish breakout to a new all-time high (ATH). Moreover, the Litecoin network has undertaken two halvings in the past six years and yet has not rallied parabolically.
The Litecoin network has attracted more institutional investors and retail traders seeking to benefit from its finite supply and mining operations. According to on-chain data, the Litecoin network has more than 9.2 million holders who have facilitated over 263 million transactions since its inception.
From a technical standpoint, Litecoin price has been retesting the bullish breakout from the two-year falling logarithmic trend. Despite the ongoing crypto correction in the last four months, Litecoin’s price has established a solid support level of around $58.
Moreover, Litecoin’s daily Relative Strength Index (RSI) continues to hover around the oversold levels, thus signaling an imminent bullish breakout. If Litecoin’s whale activity continues to lead the industry in the coming months, the altcoin will likely close the year above $200.
Already, Bitcoin dominance has signaled an inevitable reversal in the near term, which will trigger the much-anticipated altseason. Furthermore, the upcoming final approval of spot Ether ETFs in the United States will trigger further mainstream adoption of altcoins and web3 projects.
TOTAL2 – Inverse Head and Shoulders Pattern.
Yes, it's a boring market, but not for long imo. pic.twitter.com/nqLlsMenfp
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) July 12, 2024
Network Status
The Litecoin network will soon be forced to morph through the web3 industry to keep up with the growing adoption. For instance, the Ethereum network has attracted more institutional investors since its successful transition from PoW to the current Proof-of-Stake (PoS) through the Merge event and the Shanghai upgrade.
The Litecoin network has already been outshined by new layer one projects led by Solana (SOL), and Toncoin (TON), due to their multichain smart contract compatibility.
Litecoin (LTC) Price on Cusp of Major Bullish Breakout Fueled by Heightened Whale Activity
