Whale activity appears to be keeping Litecoin in a prolonged consolidation phase, with LTC trading between $90 and $130 for the past three months.
Despite a 40% gain during this period, the top-ranking altcoin has struggled to break past the $130 level—a resistance zone that has capped its recent upside attempts.
While its most recent attempt stood to break the cycle, a bull run has been put on hold once again.
LTC Price Analysis: What’s Keeping the Bulls at Bay?
This rejection continues what IntoTheBlock recently noted as a clear pattern of whale manipulation, aligning with the $130 resistance and $90 support zones.
LTC / USDT 1D chart, symmetrical triangle breakout. Source: TradingView.It is credible that another $90 bottom may follow with the continuation of this trend, marking an 18% decline from current prices.
Despite all technical indicators lending to a favorable platform for growth, retail investors don’t seem eager to jump on Litecoin, leaving price movements largely in the hands of the whales.
The Relative Strength Index (RSI) remains at a solid 60 while the MACD maintains its position above the signal line—both signs that the bulls maintain control.
In the instance a breakout does occur, it would affirm the potential of a massive symmetrical triangle pattern that’s been forming since early 2022.
While much of the post-breakout momentum has materialized, the pattern still sets a $180 target, representing a potential 47% gain.
When Will Retail Return?
Given this difficult situation, fundamentals will likely be the catalyst to attract retail interest and drive a breakout.
Most significantly, the recent SEC acknowledgment of spot LTC exchange-traded fund (ETF) applications kickstarts a 240-day countdown to the final deadline for a decision in mid-October.
However, approval could come much sooner as Canary Capital’s LTC ETF recently appeared on the Depository Trust and Clearing Corporation (DTCC) ETF list.
The DTCC listing marks a preparatory step towards its potential launch, though final approval is pending.
With its launch, increased demand could give Litecoin the boost it needs to break the $130 resistance.
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