Whale activity fuels Litecoin's surge to $128

Litecoin (CRYPTO:LTC) is experiencing a notable rally, with its price reaching $128.01, driven significantly by whale activity and favorable market conditions.

Recent data indicates that whale transactions at the price point of $113.4 have played a crucial role in this upward trend, contributing to a robust 24-hour trading volume of $1.06 billion.

The technical indicators suggest continued bullish momentum, with Litecoin showcasing a 4.18% gain over the past day.

The Moving Average (MA) and Exponential Moving Average (EMA) confirm a consistent upward trajectory, while Bollinger Bands indicate controlled volatility, supporting the ongoing price increase.

At press time, the Relative Strength Index (RSI) stood at 57.04, suggesting neutral momentum and leaving room for further growth without indicating overbought conditions.

The Moving Average Convergence Divergence (MACD) also reflects positive divergence, highlighting increasing buying pressure and strong bullish sentiment.

The sustained presence of whale activity has been pivotal in maintaining liquidity and supporting upward price movements.

Litecoin's 30-day annualised volatility of 83.19% underscores its dynamic nature, with historical patterns indicating that high volatility often precedes significant price shifts.

Market participation appears balanced, as only 0.36% of addresses are at all-time highs while 0.52% are at lows, indicating that neither exuberance nor excessive bearishness dominates the market sentiment.

As whale activity continues to anchor Litecoin's growth, external factors such as potential regulatory developments surrounding a Litecoin ETF further amplify optimism among investors.

With resistance levels identified between $130 and $135 and support around $120, traders remain watchful for potential breakout opportunities.

At the time of reporting, the Litecoin (LTC) price was $114.50.