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After a major crash in mid-March like many other cryptos, Litecoin has resumed its run and could reach new heights. Currently priced at $96, LTC is on its way to glory with a possible crossing of the symbolic $100 mark.
And we can say that this is a highly anticipated event since the signal has not been exceeded by this value since the beginning of 2022. Exceeding such an amount would undoubtedly cause a boom good hope for crypto. The latter would then have the opportunity to continue its long rise. SO, Will LTC achieve the feat? This is what we are going to see now.
Litecoin (LTC): a rapidly approaching halving and whales that “hold” their tokens
Litecoin is about to get its next halving, which should happen in about 120 days. An event that divides the rewards received by miners and allows the price of the crypto in question to be mechanically increased. Also present on Bitcoin, investors and miners are eagerly waiting for the expansion mechanism, because it heralds a rise in value.
And he hasn’t lost since miners seem to be accumulating their tokens more and more. If the latter, it seems, had taken their profits during the month of March, it is now the trend for the holding company. An extended episode is almost always followed by an increase in value and they seem to expect this.
A graph from IntoTheBlock shows us the phenomenon very well with a curve that shows us theadding 1.11 million LTC to their reserves since the end of March.
And that’s not all, the miners are not the only ones who join the party, because the whales, too, intend to take their share of the cake. And that’s the least we can, because they have accumulated 2.37 million LTC according to IntoTheBlock.
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LTC at $131 could be possible according to analysts
If this estimate is very optimistic, a lot is still possible! In any case, this is what the analysts at IntoTheBlock claim. for now, the next levels to watch are located at $98 with 149,000 addresses after placing a sell order, and also $102.5.
If the bulls succeed in suppressing these resistances, LTC may continue to rise before coming under significant selling pressure at the $113 level. As of this writing, the latter is still the most attainable point you will need to look at to take your profits.
In the best case, we can expect LTC at $131 if the bulls are in very good shape. If this amount is very optimistic, a very favorable “sentiment” could take us towards this level anyway. At this point, there are almost 1 million addresses waiting to sell their 6 million LTC tokens.
Can bears regain control and bring down LTC?
Even if the trend does not seem to be going in this direction, we still need to be prepared for the possible reduction of LTC. If the crypto came back down after cutting its teeth on the resistance at $98 or $102.5, a possible breakout at $95 would not be impossible.
Should LTC fall below this level, it might then be necessary to drop the crypto to 85 dollars. Of course, it still seems unlikely when you look at the current situation.
At this level, almost There are 500,000 addresses containing 7.47 million LTC waiting to buy tokens.
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Source: IntoTheBlock, Santiment
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