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Although the price is on Litecoin has grown significantly since March 11th, it is approaching the psychological bar of 100 dollars now. A particular symbolic level that the market failed to cross in February. Does Litecoin (LTC) have a chance to reach and cross the $100 mark this time?
Uptrend but very vulnerable
Since its March low was reached on March 11, 2023 at $65.39, the price of Litecoin has risen sharply and the cryptocurrency is now trading at a price of $92.09, down 1.41% during the last month in 24 hours clock. Yes very short term trend is slightly bullish and very fragilewhich could show that buyers are running out of steam and there is a risk that sellers will regain control!
Before reaching the $100 mark, Litecoin will also have to prove its ability to cross the next one resistance zone located around 95 – 96$. In particular, it will be necessary to monitor market volumes in the coming days as they will be indicative of Litecoin’s ability to continue its upward momentum.
A potential rebound above its support zone?
In the short term, a return above its support zone and exponential moving average (EMA 50 in H4) located around $90 cannot be ruled out and could even serve as springboard for new bullish momentum.
Litecoin price technical analysis tells us that the The next major resistance area is around the $98 – $100 mark. A psychological barrier for traders because the cryptocurrency failed to cross this zone in February 2023.
Big investors return to Litecoin?
With the strong bullish pressure, we are entitled to wonder if the “whales” are accumulating sites on Litecoin? A possible mass return of the whales could then mean they accumulate positions on Litecoin, which would of course have the effect of supporting the bullish pressure. To learn more, do not hesitate to find out the opinions on Litecoin.
The average amount per transaction has doubled in the last 30 days:
We can see clearly, in the last 30 days, a a significant increase in the average amount per transaction be executed on the Litecoin network. In fact, the average amount per transaction for the day of February 20, 2023 was $33,268, and the average amount for the day of March 25, 2023 is $63,416, while at the same time the price of Litecoin has slightly recovered.
A sharp increase in the number of large transactions:
If we look at the number of large transactions (amount more than $100k), we also see that a sharp increase in the number of transactions involving large investors. Thus, on March 24, 2023, the IntoTheBlock analysis tool recorded 3360 transactions against “only” 1700 transactions recorded for the day of February 20, 2023.
186 million dollars accumulated by the Whales since the end of December 2022!
We also see that the Whales continue to accumulate Litecoins from the end of December 2022, as shown in the graph below. While the Whales only had 9.62 million LTC on December 26, 2022, they now have 11.64 million LTC on March 25, 2023. In less than three months, they have accumulated so almost 2.02 million additional LTC ($186 million).
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Source : TradingView (charts), IntoTheBlock.com (statistical data)
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This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can result in significant losses. You should only invest what you can afford to lose and do your own research before making any investment decision.