Litecoin (LTC) Price Sets Sail For $70 As Whales Do The Heavy Lifting

Litecoin (LTC) is on the frontline of a whale transaction boost in what might be tagged an ambitious rebound attempt. Over the past month, the LTC price has only teased investors with unsustainable sharp spikes. At least three times, the coin has faced rejection from the $70 price point. 

With current market momentum, this failed attempt might soon become a thing of the past. Litecoin has slumped by 3.6% as of writing, but this bearish outlook is thinning out amid a whale boost.

Litecoin Whales Makes Emergence

In recent times, the crypto ecosystem has placed intense emphasis on new projects. Drawing on this, old projects like Litecoin were subjected to legacy functions like payments. As an investment asset, the recognition was largely lower.

The tide is changing, as data from the crypto analytics platform IntoTheBlock (ITB) shows. Per the data, large transactions rallied by 5.64% in 24 hours to $3.34 billion. Specifically, 2,620 large transactions (worth at least $100,000) were conducted in 24 hours. This saw more than 57.87 million LTC transacted overall. 

Though this figure might appear relatively low, it is the only top altcoin with a positive growth rate in this whale metric. This conforms with its previous outshining moves against core rivals. Overall, this could translate to a rebound in overall LTC interest. If this trend proves sustainable, it might help boost the coin’s recovery to new lower highs.

The Litecoin Price Prediction, Road To $70?

Litecoin price is quite volatile, and bears have recently overpowered it. However, the LTC/USDT 1D chart offers an intriguing twist. With a neutral Relative Strength Index (RSI) at 50.93, there is little likelihood that LTC bears will mount any form of resistance to any pull-up attempt.

Other indicators, including the Chaikin Money Flow (CMF) and MACD, also point to a likely rebound. CMF is positive at 0.15, proving positive net accumulation in the Litecoin market. 

The MACD trend, as shown in the charts, suggests a likely breakout ahead. If the brooding breakout of the MACD line above the Signal line is confirmed, LTC might get its needed break.

If the projections play out as expected, the $70 price level might be the next major stop for LTC in the coming week.

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