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Litecoin (LTC) is experiencing price volatility amid general market fluctuations. Nonetheless, LTC whales have been active, resulting in the achievement of new milestones within this period. IntoTheBlock data confirms that large holders have transacted 105.9 million LTC in the last 24 hours.
Litecoin whale transactions hit new weekly high
Besides this massive surge in one day, Litecoin whales have also set a weekly high in terms of transactions. The transactions of these large holder investors have reached a seven-day low of 12.03 million LTC, with a seven-day high of 93.75 million LTC.
This increase in on-chain activity highlights the renewed interest of whales in the Litecoin ecosystem. Although it is uncertain whether a higher percentage of the transactions were accumulations, the uptick could signal a bullish trend for the coin.
At press time, Litecoin was trading at a 1.79% decline to $86.42. The coin has lost over $2 as it earlier hit a peak of $88.53 in the market. Trading volume also remains in the red zone, plummeting by a significant 8.26% to $348.68 million.
Despite the current volatility, technical indicators suggest that LTC may be on the verge of a significant price move. If the price stabilizes above $86, Litecoin has the potential to break out toward $100. The coin has not retested this level since May, when it slipped below it in the crypto market.
LTC July outlook promises modest gains
Notably, the $100 price level has proven a strong resistance for Litecoin. Some market watchers believe that if Litecoin breaches this resistance, its price could experience a huge recovery and surge to $150. This largely depends on ecosystem support, especially from large holders.
However, historical trends suggest investors need to exercise caution and expect only modest gains. According to Cryptorank data, Litecoin experienced an average growth rate of 0.48% in July. This suggests that, unless there is a major twist, the price may remain under $100 if history repeats itself.
Vladislav Sopov
U.Today Editorial Team