The Rise of Litecoin: Bullish Moves by LTC Whale Investors Suggest an Upward Momentum
Litecoin price reached its highest point since the post-halving sell-off in August 2023, hitting $94 on March 3. After the halving event, Litecoin struggled to gain momentum and underperformed the market for the past six months. However, recent data indicates that this trend is about to change due to bullish moves by LTC whale investors.
Post-Halving Sell-Off Impacted Litecoin Price
In August 2023, Litecoin underwent a halving event that reduced the block reward from 12.5 LTC to 6.25 LTC. This triggered a significant sell-off from miners and institutional investors, causing prices to plummet from $95 on the halving date to a multi-year low of $58 by August 17. The lack of demand following the halving kept Litecoin price stagnant within the $70-$80 range for the next six months.
LTC Whale Holdings Near All-Time High Ahead of Bitcoin Halving
As the Bitcoin (BTC) halving approaches on April 19, other Proof of Work (PoW) networks like Bitcoin Cash (BCH) and Kaspa (KAS) have experienced substantial growth. This suggests that miners and key stakeholders who find BTC less profitable may shift their resources towards alternative PoW networks.
Data from LTC institutional investors indicates a bullish outlook for Litecoin price:
- The chart shows that LTC whales began buying again on January 27 after a selling spree post-halving.
- Litecoin experienced a 28% surge between February 29 and March 2, reclaiming $95 for the first time since the halving.
- The whales have acquired 1.7 million LTC between January 27 and March 5, bringing their total holdings to 34.4 million LTC, just 40,000 shy of their all-time high.
- Historically, on-chain movements by these whale investors have significantly influenced LTC price movements.
These bullish moves by the whales indicate their overwhelming conviction that the BTC halving will have a positive impact on Litecoin prices.
LTC Price Prediction: Can It Reach $100 Again?
At the current price of around $85 per coin, the whales have invested over $228 million in Litecoin since January 27. Based on historical patterns, there is a possibility of another major price breakout above $100 as the BTC halving approaches.
In terms of short-term price action:
- The upper Bollinger band technical indicator identifies the $93 area as the major resistance level.
- If the bulls can establish a steady support level above $93, a breakout above $100 could be imminent.
- In case of a bearish reversal, the bulls can rely on the 20-day SMA at $76.3 for initial support.
Hot Take: Litecoin Gains Momentum with Bullish Moves by LTC Whale Investors 🚀
The recent surge in Litecoin price and the increase in whale holdings indicate a positive outlook for LTC as the BTC halving approaches. The whales’ buying spree after a period of selling following the halving suggests their confidence in Litecoin’s potential. With historic levels of holdings and significant investments, there is a strong possibility of LTC reaching $100 again and experiencing further price growth.
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