Litecoin's Breakout Imminent as Whales Manipulate

Litecoin's recent price action has been a subject of interest among analysts, with the cryptocurrency struggling to break out of its current range despite a significant rally. The analytics firm IntoTheBlock has identified a key factor contributing to Litecoin's (LTC) prolonged consolidation, which has kept its price ranging between $90 and $130 over the past three months.

Despite a 50% gain during this period, LTC has been unable to surpass the $130 resistance level, which has capped its recent upside attempts. However, today's attempt on the consolidation's upper bound, fueled by a 60% surge in trading volume to $175 million, has driven a 9.7% price jump, suggesting that a breakout may be imminent.

IntoTheBlock attributes Litecoin's consolidation to whale manipulation, citing Exchange Netflow data. The firm noted a clear pattern of "ramping up withdrawals and deposits to sell on spikes and buy on dips," aligning with the $130 resistance and $90 support zones. This trading behavior by whales may continue to hinder LTC's ability to break out of its current range.

If a breakout materializes, it would validate a massive symmetrical triangle pattern that has been developing since early 2022, signaling the potential for a major price move ahead. After a breakout in late November, the altcoin has been range-bound under whale manipulation. The pattern still sets a $180 LTC price target, signaling a potential 30% advance from current prices.

The Relative Strength Index (RSI) is edging closer to the oversold threshold at 75, but its current position at 65 leaves ample room to hit the target. Additionally, the Moving Average Convergence Divergence (MACD) line has narrowly avoided a death cross, maintaining its position above the signal line, indicating that the bulls remain firmly in control.

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