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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Registers Over $1 Million In Whale Transactions For 2022 – Good News For LTC?

Christian Encila
Christian Encila
2 years ago
4 mins read
Litecoin

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Litecoin, for most part of the current year, has been silent and is only mentioned when its price goes down relative to the overall sentiment of the whole crypto market.

  • Litecoin manages to increase its value by 1.3% over the last week
  • LTC is seen trading at $54.89 over the next five days
  • A sharp fall from its current trading price is likely to happen over the next few weeks

Since attaining its $410.26 all-time high (ATH) on May 10 last year, the crypto has been on a steady decline, losing a big chunk of its milestone value.

As of Monday (Oct. 25), according to data from Coingecko, the 22nd largest cryptocurrency in terms of market capitalization is trading at $52.80, up 1.7 percent in the last seven days.

LTC only managed to pump its price by 1.4% over the last month and has not shown any indication of trimming its losses since it hit its ATH.

But over the last week, Litecoin’s ecosystem witnessed significant activities that might convince prospective buyers to put their money on the digital asset.

Litecoin Whale Transactions And Address Activity Up

LTC managed to increase its value by 3% over the last 24 hours and by 1.3% for the past week. Such a development is a surprise considering many digital currencies, Bitcoin and Ethereum included, continue to struggle with the extended bearish market landscape.

But Litecoin managed to stay green across its price charts except for its year-to-date tally probably because of the tremendous network activity its blockchain is currently witnessing.

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Dogechain (DC) Notches 200% Hike In Trading Value In The Past Week

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Source: TradingView

According to data shared by Santiment, on October 20, as LTC price started to rise against crypto alpha Bitcoin, whale transactions on Litecoin network reached over $1 million.

Daily active address count also surged for the asset and blockchain project over the last week, indicating there is significant interest boost among holders and investors.

⚡️ #Litecoin has been quietly under the radar in 2022, but address activity & whale transactions have exploded this week. Particularly with $1m+ valued transactions on the network, the timing of these spikes happened just as $LTC began rising vs. $BTC. https://t.co/jtQYW7mHuP pic.twitter.com/brIzjj6lFF

— Santiment (@santimentfeed) October 20, 2022

Will This Help Litecoin Become Bullish Again?

Such a tremendous increase in network activity usually bodes well for an asset. This, however, is not the case for Litecoin as its metrics point towards a sharp price dump.

On October 5, LTC’s Relative Strength Index (RSI) was at 62. But for the past few weeks, this indicator declined to a value of 41.

Money Flow Index (MFI) for the asset is also on a downtrend, settling for a score of 41 which is below the 50-neutral region.

Litecoin is also being overwhelmed by extreme selling pressure as reflected on its negatively valued Chaikin Money Flow (CMF).

With this, while the crypto might rally up to $54.89 for the next five days, there’s no time celebrate as the asset is forecasted to plummet all the way to $35.40 over the next 30 days.

Related Reading

Enjin

Enjin (ENJ) Among Top 10 Crypto Choice Of ETH Whales In Last 24 Hours

2 years ago

LTC total market cap at $3.75 billion on the daily chart | Featured image from Pixabay, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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