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  • LTC/USD price went up from $53 to $55.15 this Wednesday.
  • Meanwhile, the second largest Litecoin whale wallet accumulates nearly $3.7 million worth of LTC.

LTC/USD bulls continue to take charge of the market as the price went up by 4%, going up from $53 to $55.15 this Wednesday. Technical analysis shows a wave of bullish momentum as further uptrend is expected.  

LTC whales keep accumulating

Meanwhile, whales are accumulating LTC as the second largest litecoin wallet has accumulated 66,557 LTC (worth $3.7 million) in the last 24 hours. The last time this wallet gathered 32,000 LTC was around February 20 and February 15 when LTC/USD price had upward spikes as well. The twitter account “LTC Whale Watcher” made another observation as well:

” #CryptoUpdate: In the past 15 minutes, the top 50 $LTC wallets have received 66,557.00652 more #Litecoin than they have sent.”

The biggest reason behind this bullish movement seems to be the Litecoin block reward halving (from 25 to 12.5 coins), which will take place on August 7, 2019. Historically speaking, reward halving has always been a bullish event.

LTC/USD daily chart

LTC/USD has continued its bullish breakout this Wednesday. The market is trending above both the 200-day simple moving average (SMA 200) and SMA 50 curves. The market has also gone above the upper band of the 20-day Bollinger band which is a huge bullish sign. The moving average convergence/divergence (MACD) histogram shows a momentum shift towards the bullish side.