The Potential Strategy for Litecoin (LTC) to Regain the $80 Price Mark

The Potential Strategy for Litecoin (LTC) to Regain the $80 Price Mark


Litecoin Whales Have Cooled the Buying Pressure

Past week, Litecoin (LTC) whales purchased the dip and triggered a 12% rebound in the price. Nonetheless, as the upcoming Federal Open Market Committee (FOMC) meeting approaches, these whales appear to have reduced their buying pressure. The question is: what will happen to the LTC price after the Fed rate notice on September 19?

An analysis of on-chain data outlines that the whales, who hold 10,000 to 1 Million LTC coins, played a critical role in the recent price rebound. They accumulated 510,000 LTC coins between September 10 and September 14, increasing their balances from 38.94 Million LTC to 39.45 Million LTC. On the other hand, ever since, they have maintained steady balances without making any whole lot of moves.

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Retail Investors are Still to Ape In on the Recent Price Recovery

Regardless of the price bump, retail investors have not shown much interest in Litecoin. Social Dominance, which measures the percentage of social media mentions a digital currency attracts between the top 50 projects, has remained flat at around 0.60% to 0.70% in the previous week. This implies that Litecoin has not yet gained extreme media attention and still has room for upward movement.

LTC Price Prediction: $80 is a Viable Target

If the upcoming Fed meeting yields a favorable outcome for the cryptocurrency market and the whales become optimistic again, Litecoin could experience another rally towards $80. The In/Out of Money Around Price data likewise supports this positive trend stance. It shows that if LTC surpasses the $68 obstacle, there is probable for further upward momentum towards $81.

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On the other hand, if the bears take control and push LTC below $50, there is a likelihood of the price dropping further. Nonetheless, there is considerable support from addresses that purchased LTC at the minimum price of $59. They could attempt to cover their positions and provide support to prevent a whole lot of decline.

Hot Take: Litecoin’s Recovery Depends on the Fed Meeting

The recovery of Litecoin (LTC) is as of now in a precarious position as it awaits the outcome of the upcoming Federal Open Market Committee (FOMC) meeting. The buying pressure from whales has cooled off, and retail investors have yet to show whole lot of interest in the digital currency. If the Fed cuts rates or holds them steady, it might trigger a positive trend market reaction and promote   both whales and retail investors to buy LTC again. This could potentially lead to a prolonged rally towards $80. Nonetheless, if the bears take control and push LTC below $50, it might result in a fall in price. The destiny of LTC now lies in the hands of the Fed.

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Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

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