Are Litecoin Whales and Miners Likely to Trigger a Price Breakout?
Litecoin (LTC) enthusiasts have been eagerly awaiting a bullish price breakout as the coin briefly reclaimed the $75 mark last week. The recent uptick in transactional activity among miners and crypto whales has raised hopes for a potential surge in LTC price.
Litecoin Miners Have Recouped Coins Offloaded After Halving
After the latest halving event on Aug. 2, Litecoin experienced a significant correction phase, leading miners to engage in a selling spree, offloading 500,000 LTC between Aug. 3 and Sept. 5. However, with the market turning bullish in late October, LTC miners regained confidence and began accumulating their block rewards again. As of Nov. 7, miners’ reserves crossed 2.6 million LTC, surpassing the pre-halving levels and signaling a positive sentiment among miners.
The increase in miners’ reserves is often interpreted as a bullish signal, indicating their inclination to hold onto their rewards for higher gains.
Litecoin has Attracted Increased Demand from Crypto Whales
Furthermore, the prolonged accumulation by Litecoin miners has sparked a bullish sentiment among crypto whales. Data from IntoTheBlock reveals a significant surge in the number of LTC whale transactions over the past 30 days, reaching a four-month peak on Nov. 11.
The growing interest of large institutional investors, coupled with miners’ accumulation, suggests a favorable outlook for Litecoin’s price performance in the near future.
LTC Price Prediction: Breaking $80 Resistance Could Catalyze Bigger Gains
An analysis of the Global In/Out of the Money (GIOM) data reinforces the positive sentiment surrounding Litecoin. However, to validate this optimistic forecast, the bulls must overcome the initial resistance at $78 and target the crucial $80 mark.
On the downside, a dip below $65 could trigger a correction, but a strong support level exists at this point, potentially preventing a significant downturn.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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