Litecoin (LTC) Emerges as Market's Top Gainer as Whales Increase Holdings

Layer-1 coin Litecoin has emerged as the market's top gainer over the past 24 hours, bucking the prevailing downtrend seen in the broader cryptocurrency market.

Layer-1 cryptocurrency Litecoin (LTC) has seen a massive 10% gain over the past 24 hours, bucking the broader market trend and emerging as the top gainer among the major coins.

This impressive rally comes as on-chain metrics reveal a significant increase in whale accumulation over the past week. Large investors, known as whales, have been gradually building their LTC positions.

According to IntoTheBlock, LTC’s large holders’ netflow has surged by 103% over the past seven days. This metric measures the difference between the coins bought and sold by whale addresses that hold over 0.1% of an asset’s circulating supply.

A positive netflow indicates that these large investors are adding to their holdings, which is considered a bullish signal. Whales typically bet on an asset’s future growth when accumulating, and their buying activity can drive upward price momentum.

Moreover, Litecoin’s Relative Strength Index (RSI) on the daily chart confirms the surge in demand. At press time, LTC’s RSI is at 54.08 and rising.

This momentum indicator measures an asset’s overbought and oversold market conditions. It ranges from 0 to 100, with values above 70 indicating that the asset is overbought and due for a correction. Conversely, values under 30 suggest that the asset is oversold and may witness a rebound.

At 54.08 and climbing, LTC’s RSI suggests a moderate bullish momentum. It indicates growing buying pressure with the potential for further upward movement if the trend continues.

notably, LTC’s Elder-Ray Index has turned positive for the first time in eight days, highlighting the bullish shift in market trends. At press time, it is at 4.26.

An asset’s Elder-Ray Index measures the relationship between its buying and selling pressure in a market. When the index is positive, it indicates that bullish momentum is dominant, suggesting that buyers are in control and the asset’s price is likely to continue increasing.

If this bullish momentum holds, we can expect LTC’s value to continue rising and potentially reach $124.03. However, if profit-taking resurfaces, LTC’s price could drop to $109.81, marking a loss of current gains.