Litecoin (LTC) Price Prediction: Whale Wallets Keep Accumulating, Long Positions Targeting Above $100

Litecoin (LTC) is currently reported at 98.25 USD in the early European session today (17th), marking the fifth consecutive trading day of a pump, having closed above a key resistance level the previous day. On-chain data indicates that the uptrend may continue as large wallet users accumulate LTC tokens, suggesting that trader confidence is strengthening. Derivative products and technical outlook support this bullish argument, with LTC long positions targeting the significant threshold of 107.5 USD.

LTC giant whale Wallets are continuously increasing

Santiment's supply distribution data supports a bullish outlook for Litecoin, as the number of large wallet holders (whales) is increasing.

The indicator shows that the "whales" holding 1 million to 10 million LTC tokens (yellow line) have accumulated 360,000 LTC tokens from June 5 to Thursday. During the same period, wallets holding 100,000 to 1 million LTC tokens (red line) have lost 140,000 LTC tokens.

This indicates that the second batch of whales may have fallen victim to the "surrender event." In contrast, the first batch of Wallets seized the opportunity to buy LTC at a discounted price.

(Source: Santiment)

CoinGlass derivatives data shows that the open interest (OI) of LTC has grown by 9.52% in the past 24 hours, reaching $746.84 million. The increase in open interest indicates that new or additional funds are entering the market, with new buying pressure emerging, which may drive the current price of LTC up.

In addition, the holding-weighted financing rate data for LTC showed a significant increase on Thursday, reaching 0.022%, indicating that long positions are paying short positions. Historically, as shown in the chart below, when the financing rate rises sharply, the price of Litecoin tends to soar subsequently.

LTC Price Analysis: Bulls Aim for Above $100

FXStreet analyst Manish Chhetri stated that LTC previously found support near the 50% Fibonacci retracement level of $91.61 (from the May 10 high of $107.05 to the June 22 low of $76.17) and the 200-day exponential moving average (EMA) at $91.78. As of Thursday when this article was written, the price of Litecoin has continued to rise, around $98.25.

If LTC continues to maintain its bullish trend, it may extend the pump and retest the high of 107.05 USD from May 10.

The relative strength index (RSI) on the daily chart is 67, above the neutral line but still below the overbought level, indicating strong bullish momentum.

The Moving Average Convergence Divergence (MACD) showed a bullish crossover at the end of June, and this trend is still maintained. The green histogram is rising above the neutral zero line, indicating that bullish momentum is strengthening.

If LTC faces a pullback and closes below the weekly level of 96.30 USD, it may continue its downtrend, finding support near the 200-day EMA of 91.78 USD.

(Source: Trading View)