Litecoin Reaches $100 Level for First Time in Months: Will the Rally Continue?
In April, the price of Litecoin increased by 10%, reaching the $100 level for the first time since February 15.
Although the February rally was halted at $102 due to a 30% retracement, on-chain data suggests that Litecoin miners and whales may drive the current bull run further, potentially breaking the $110 resistance.
The Litecoin team made several significant product updates on April 10, resulting in an 8% price surge by April 14.
A new major release to Litecoin Core is in the works!
⚡PSBTs
⚡P2P Support for Light Clients
⚡View Keys
⚡Payment Proofs
⚡Descriptor walletsRead more in the latest update from @DavidBurkett38 https://t.co/BgPe7Mrktu
— Litecoin (@litecoin) April 10, 2023
On-chain data indicates that Litecoin miners and crypto whales are behind the bull rally.
Between March 28 and April 12, Litecoin miners amassed a considerable amount of their block rewards, with 1.11 million LTC added to their reserves.
Additionally, a group of strategic LTC whales holding between 1 million to 10 million coins has continued to add to their holdings, accumulating 2.37 million LTC between February 3 and April 13.
This suggests that they are preparing for potential price gains, especially with the Litecoin halving event taking place in under 120 days.
According to IntoTheBlock’s Break Even price distribution data, if Litecoin can break through the current $98 resistance, it could reach $113 before facing significant pushback.
READ MORE: Bitcoin and Ethereum to Benefit from US Economic Slowdown, According to M. Novogratz
Although there are indications of potential resistance from a group of 149,000 addresses that collectively possess 488,000 coins, the bull may push Litecoin’s rally up to $131 if this resistance is surpassed.
Nevertheless, caution is advised as a large cluster of 986,000 addresses possess 6 million coins and may sell off when LTC approaches its average break-even price.
If Litecoin‘s current support level at $95 is lost, a drop to $85 may occur, where 500,000 addresses that collectively own 7.47 million coins may offer support.
LTC is currently trading at $96.55 after a 2.3% surge in the past 24 hours.
The 1-day TA from TradingView shows an extremely bullish santiment with the summary and moving averages pointing at “strong buy” with 17 and 14 signals, respectively. Oscillators are showing “buy” at 3.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
