Litecoin (LTC) showed a strong rise last week. The cryptocurrency topped $112 over the weekend, its highest level since April 2022. LTC has increased by more than 22% in the last seven days.
However, already on Sunday, the altcoin was in the correction phase. Whales started selling Litecoin, which provoked its rollback.
On Tuesday, July 4, the LTC rate fell to $107. A report from Santiment says that large investors started dumping crypto a few days ago.
The implementation involved wallets controlling from 10,000 LTC to 1 million LTC. Some small litecoin holders controlling up to 1000 LTC have also dumped some of their accumulated coins.
Pressure has risen sharply, but Santiment believes the $100 support should work. The relative strength index (RSI) shows that Litecoin is still in the overbought zone. In the coming days, the correction may continue.
Litecoin climbed to ninth place in the ranking of digital currencies. Its capitalization is now just over $7.857 billion.
LTC trading volume at the end of June was about $462 million per day, but already at the beginning of this month it exceeded $1 billion.
The closest competitor to Litecoin is Solana. Capitalization of SOL today decreased to $7.684 billion.
