Can Growing Optimism Among LTC Long-Term Investors Trigger a Price Rebound?
Litecoin (LTC) recently experienced a drop below $60 for the first time since the FTX crash in November 2022. However, on-chain analysis suggests that the growing optimism among LTC long-term investors could potentially lead to a price rebound, similar to what happened in the past.
Long-Term Holder Addresses Surpass 5 Million
The number of long-term holder addresses for LTC reached a new all-time high of 5.02 million wallets. This increase of 602,000 addresses since the price drop indicates that these holders have been accumulating more LTC during this period.
During the FTX crash, a similar trend was observed as long-held wallets increased by 150,000. With whale investors holding a significant portion of the total circulating supply, their ongoing buying trend could help absorb bearish pressure and boost confidence among other investors.
LTC Price Prediction: Protecting the $50 Support Level
The $50 support level, which was significant during the FTX crash, remains crucial for LTC. On-chain market depth data shows that buy orders significantly outweigh sell orders at around $50, indicating potential support.
If long-term investors continue to hold their LTC, the buy-orders listed around $50 could trigger a rebound. On the other hand, if bulls gain momentum, a move above the $80 range is possible, although initial resistance is expected at $65.
Hot Take: Growing Optimism Among LTC Long-Term Investors Holds Potential for Price Rebound
Despite the recent drop in LTC price, there is optimism among long-term investors that a rebound is possible. The increase in long-term holder addresses and the significant holdings of whale investors suggest that LTC could see a recovery similar to what happened after the FTX crash. Protecting the $50 support level is crucial, and if bullish momentum continues, a move towards $80 is feasible. Overall, the market sentiment among LTC long-term investors could play a key role in driving a price rebound in the future.
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