Litecoin (LTC) price continued to rally for more than five days as whale accumulation and other on-chain metrics showed buying signals.
Litecoin has appreciated by over 12% over the past five days as bulls control the price action. The larger crypto market provided further support to LTC’s uptrend as the global crypto market cap finally tested the $1 trillion mark.
Litecoin Whale Help Price Profit
For over five months, the Litecoin price has gone on a range-bound trajectory below the $63 resistance mark. However, the price of LTC registered an astonishing increase at press time, presenting gains of 6.54% on a daily basis.
The uptrend followed an upward move in the price above the 21-day simple moving average with the daily RSI skyrocketing.
Litecoin price was trading at $56 at the time of writing, which is a monthly price high on the one-day chart.
The bullish momentum was able to put an end to the bears as Coinglass’s total liquidations showed that around $1.4 million was liquidated on October 25. Another $161,000 worth of shorts had been liquidated as of press time on October 26.
Another bullish trend for LTC value was an increase in addresses from one million to 10 million coins. The group was liquidated over the past six months, but it seems to be piling up again.
LTC Price Flashing Buy Signals
The Puell Multiple for Litecoin showed that the profitability of the miner was at its lowest. Mining profitability is important in shaping market cycles and also helps establish macro price tops and bottoms.
The pull multiple suggests that Litecoin is in historical buy territory. Historically, significant macro bottoms have been established at a pull multiple of less than 0.5, indicating that miners’ profitability is 50% below the annual average.
Finally, the in/out of money indicator presented a strong support level at the $52 mark, where there is 7.79 million LTC across 435,000 addresses.
However, going forward, Litecoin bulls will face resistance near $61. If LTC price fails to establish above $61, lower support at $52 can be expected.
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