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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
