Litecoin Price Prediction as LTC Trading Volume Surges Past $800 Million – Are Whales Buying?

cryptonews.com:

The Litecoin price has dropped by 2.5% in the past 24 hours, with its fall to $92.11 also marking an 8.5% fall in the last seven days.

LTC's losses today comes as the cryptocurrency market as a whole slides by 1% since yesterday, although the altcoin remains up by 10% in the last 30 days.

It's also up by 63% in the past year, while the coin's 24-hour trading volume has passed $800 million, in a sign that market activity remains elevated and could possibly help it recover soon.

While Litecoin has suffered over the past week, its chart suggests that it could be in a position to begin rallying again soon.

LTC's relative strength index (purple) is nearing 50 again, after spending several days earlier in the week closer to 30, with its partial recovery here signalling that it may be about to regain momentum.

At the same time, the altcoin's 30-day moving average (yellow) has recently fallen below its 200-day average (blue), meaning that it's not too far away from bottoming out and seeing more gains.

However, it's hard to say when exactly the market can expect LTC to rise, with the coin's support level (green) potentially remaining weak and unable to resist a few more falls.

This may be a negative view of things, but recent data suggests that whales are more inclined to sell LTC at the moment rather than to accumulate it.

As the above tweet illustrates, there have been some large LTC transfers to exchanges in the past couple of days, implying that whales are preparing to sell or selling the coin.

This suggests that much of the elevated trading volume LTC is seeing at the moment relates more to traders trying to offload the token, than to new buyers entering its market.

For this reason, we could really see LTC falling a bit more before it