Litecoin price is close to falling below $60, leaving it only 2.4% away from establishing new year-to-date lows. Litecoin whale transaction volume is averaging at $3 billion on a weekly basis, the lowest since November 2020. Sharing a 0.73 correlation with Bitcoin, LTC is largely dependent on BTC to drive its recovery. , it is also vulnerable to a decline owing to the lack of action from its whale addresses.
LTC/USD 1-day chart But in the event that LTC bounces off the $58 support and climbs back to reclaim the support line of $63, it would have an opportunity to breach the 50-day Exponential Moving Average , which it failed to do at the beginning of the month. Whale activity suggests recovery might be slow Litecoin shares a pretty strong correlation with Bitcoin. Over the past couple of weeks, this correlation has hovered around 0.73, which makes LTC’s price action vulnerable to volatility in BTC.
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