Whales Propel Litecoin Recovery with Strategic Dip-Buying Surge

Litecoin (LTC) bounced back from its weekly support at $56.61, rising by 5% and trading at $62.20. On-chain data revealed that whales took advantage of the market downturn to accumulate LTC, suggesting a potential bullish momentum.

Promising Outlook

Trading within a falling wedge pattern, LTC faced rejection at $77.33 on July 3, dropping 19.43%. After retesting $56.61, LTC rebounded and now trades at $65.20. If support holds, LTC could rally 9% to $71.20. Indicators like RSI and AO must rise above neutral for sustained recovery.

Whale Activity

Santiment's data showed a shift: whales with 100,000-1 million LTC reduced holdings, while those with 1-10 million LTC increased, signaling strategic accumulation.

Risks

If LTC closes below $56.61, it might drop 16% to $47.60, invalidating the bullish outlook. The market remains cautious, with critical support levels crucial for sustained momentum.

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