Litecoin Whales Remain Optimistic Despite Price Performance
Despite the underwhelming performance of Litecoin (LTC) in recent months, whale investors have maintained a positive outlook. On-chain data shows that there were 1,008 large transactions on the Litecoin network in September, the highest since July. This increase in whale transactions is typically bullish for the price of an asset as it boosts liquidity. However, there has been a negative divergence between Litecoin’s price and whale transactions since mid-August.
Litecoin Miners Resume Selling
Litecoin miners had depleted their holdings to the lowest level in three months when the price dropped below $58 in September. However, they switched to buying mode and accumulated 230,000 coins worth $14.7 million as the price rebounded to $65. But now, as the price stagnates around $65, miners have started selling again, offloading another 5,000 LTC worth $320,000. The miners currently control 2.18 million LTC, or 2.6% of the total circulation supply.
LTC Price Prediction: Potential Rebound to $80
If both miners and whale investors adopt a bullish disposition, Litecoin’s price could rally towards $80. The Global In/Out of Money Around Price (GIOM) data supports this prediction by showing that if the price surpasses the current resistance at $66, it could reach $75. However, if miners continue to sell, there may be a prolonged consolidation around the $60-$64 range. On the other hand, if miners become bullish, Litecoin’s price is likely to break above $80.
Hot Take: The Fate of Litecoin Hangs in the Balance
The future of Litecoin’s price hinges on the actions of miners and whale investors. While whales have remained optimistic, miners have been selling off their holdings. If miners mirror the positive disposition of whales, Litecoin’s price could see a resurgence to $80. However, if miners continue to sell and the price drops below key support levels, it could lead to a bearish reversal. The coming weeks will be crucial in determining the fate of Litecoin in the crypto market.
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