Recent data shows a sharp increase in activity among large holders of Litecoin, but the cryptocurrency's price continues to decline.
Record Transactions Among Large Holders
In the past 24 hours, large holders of Litecoin moved 105.9 million LTC, marking the highest level for the current week. This surge in activity is observed amid price fluctuations in the cryptocurrency market, highlighting the increasing attention of major investors towards Litecoin, according to IntoTheBlock.
Declining Litecoin Prices
At the time of writing, Litecoin was priced at $86.42, down 1.79% from the previous day. This decline occurred alongside an overall trading volume decrease of 8.26%, recorded at $348.68 million. Despite the high transaction activity, Litecoin's price continues to face pressure.
Future of Litecoin and Price Prospects
Analysts are monitoring whether the price can maintain levels above $86. If support holds, there is potential for Litecoin to break past the $100 resistance level. Litecoin has not retested this threshold since it dropped below it in May. Sustained whale activity may influence price movement if accumulation continues.
Thus, despite current price declines, the high activity of large investors in Litecoin may once again drive the cryptocurrency's growth on the exchange.
