Today’s trading session is showing a rebound of Litecoin prices from yesterday’s session, which resulted in a three per cent price drop. Today’s session is also a continuation of a bullish trend that started on April 12 and that has seen the prices rise by eight per cent.
Among the reasons why Litecoin prices have picked in recent days and resulted in the eight per cent gain is the whales. A report released by Santiment a few days ago showed many whales in the cryptocurrency using Litecoin. The on-chain analytics platform termed the increased usage of the cryptocurrency a mid-term price direction shift. The increased usage also meant sharp traction of users and the trading volume going up.
However, the trading volume data from the past 24 hours is concerning. Although Litecoin, worth $832 million, has been transacted in the past 24 hours, it is still a drop of 124 per cent. That is a very significant decline in trading volume in 24 hours. The drop may be temporarily, and it looks like the market prices have not been affected. However, it still shows the volatility in the volume of the cryptocurrency in the market.
The chart below shows a rebound of Litecoin prices after yesterday’s strong bearish move. Currently trading at $110, Litecoin has struggled in the month of April and has spent most of the time in a bearish trend. However, the past four days are showing signs that the crypto may be setting up for a long-term bullish move.
Therefore, I expect the cryptocurrency to continue with the upward trend. There is a high likelihood that today’s trading session will erase yesterday’s losses and set new weekly price highs. There is also a high likelihood that the past few days may be indicative of a trend change. If that is the case, then I expect the prices of Litecoin to continue surging with a possibility of trading above $115 in the coming days. The $120 psychological level is also possible in the coming days.
This post was last modified on Apr 15, 2022, 10:41 BST 10:41