Litecoin (LTC) whale moves $1.1 billion: LTC/USD recovery begins

The Litecoin network recently saw a whale move a colossal amount of LTC in a single day. The transaction had an impact on the total value of assets transferred on the network. The transaction which took place on November 30 saw Litecoin network support a transaction that took up 60% of the total market capitalization. This means that the investor moved approximately 35,400,000 LTC in less than 24 hours which translates to about $1.1 billion in USD.

The last of such a transaction was witnessed in February this year. The transaction at the beginning of the year was mainly fueled by panic castigated by news that there will be a crypto market crash. Since then the network has been recording transactions totaling $100 million on a daily basis. The low transaction on the network could also mean that people are moving from the speculative nature of the cryptos and embracing fundamental uses of the same.

Litecoin price technical picture

Litecoin recovery is taking effect at the time of writing. The asset is up 3.87% on the day, in addition, it has broken out of a short-term descending channel. Litecoin price is currently flirting with the 38.2% Fib level between the highs of $35.1 and the lows of $29.71. Further up, LTC/USD will face resistance at the 100 SMA and the 200 SMA (hourly range) at $32.06 and the 50% Fib level ($32.47) in that order. There will be seller concentration at $34.00 (immediate supply zone) and the swing high (upper supply zone). All the fundamentals point towards a bullish break for Litecoin price with the RSI ranging at 52 while the fast stochastic oscillator is in the overbought levels.

LTC/USD 1-hour chart