Litecoin (LTC) Price: Will the Recent Activity Lead to a Bullish Breakout?
The Litecoin (LTC) price briefly reached $75 last week, prompting hopes of a bullish breakout. While the recent price action has been less impressive than other major cryptocurrencies, on-chain data suggests that key stakeholders within the LTC network are positioning for a potential price surge.
Litecoin Miners Have Recouped Coins Offloaded After Halving
After the latest halving event, Litecoin miners initially sold off 500,000 LTC in a bid to offset their losses. However, they have since started accumulating their block rewards again and currently hold over 2.6 million LTC, surpassing their pre-halving balances. This accumulation is seen as a bullish signal, indicating that miners are anticipating further price gains.
Litecoin Has Attracted Increased Demand from Crypto Whales
Recent data also shows that large institutional investors, known as crypto whales, have significantly increased their demand for LTC. The number of whale transactions has steadily risen over the last 30 days, reaching a four-month peak on Nov. 11. This growing interest among large investors coincides with miners’ accumulation wave and signals a potential impending bullish price action.
LTC Price Prediction: Breaking $80 Resistance Could Catalyze Bigger Gains
Based on the on-chain data and investor behavior, Litecoin appears to be well-positioned for an imminent price breakout. However, breaking the initial resistance at $78 is crucial for reclaiming $80. If successful, this could trigger a significant price surge in the weeks ahead.
Hot Take: Is Litecoin (LTC) Poised for a Bullish Rally?
With miners accumulating their block rewards and increased demand from crypto whales, Litecoin’s price could experience a significant breakout soon. Breaking through the resistance at $78 will be key to confirming this bullish trend and potentially catalyzing bigger gains for LTC.
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