Litecoin’s price reclaims $100 after on-chain volume hits record highs – Details!
Key Takeaways
What’s the significance of rising transaction volumes?
Litecoin’s all-time excessive on-chain quantity, mixed with whale accumulation, underlined conviction from Litecoin community customers.
What may be anticipated from LTC’s worth motion?
Value-wise, a rally to $118 and probably $132 might ensue this month. Nonetheless, additional beneficial properties is perhaps troublesome.
Litecoin [LTC] bulls might be making one other try at establishing an uptrend. The rally in July and August took LTC’s worth solely so far as $134.2, earlier than the bears took over. Nonetheless, LTC has now reclaimed the $100-psychological degree.
This was the primary time for the reason that 10/10 crash that LTC moved past $100. In reality, the altcoin was buying and selling at $109 on the time of writing. With Bitcoin [BTC] recording a 4% bounce inside 24 hours to hit $105.7k, might or not it’s that market sentiment is making a U-turn?
Litecoin restoration imminent?
A publish on Santiment Insights lately identified that the whale depend for LTC has risen currently. There has additionally been a 6% uptick in wallets holding greater than 100k LTC over the previous three months – An indication of accumulation from massive holders.
That’s not all although as Litecoin’s on-chain quantity climbed to $15.1 billion in day by day quantity. This was an all-time excessive. The mixture of whale conviction and rising on-chain exercise might be indicative of the truth that LTC’s rally has room to develop.
At press time, different on-chain metrics appeared to disagree with the power of the bulls although. Its newest transfer might face strain from profit-taking exercise quickly. Particularly because the 180-day MVRV climbed into optimistic territory for the primary time since 10/10.
The imply coin age noticed a sizeable drop in direction of the tip of October. Its development since August didn’t point out widespread on-chain accumulation. Relatively, it was extra impartial than bullish, and the drop under $90 lately gave method to a wave of panic promoting.
This won’t be an indication of conviction from on-chain contributors. The event exercise was at zero for the reason that first week of September too.
Collectively, it didn’t appear to be an entirely bullish development. And, it is perhaps safer to be cautious of LTC’s rally, than seeing it as an indication of power.
Supply: LTC/USDT on TradingView
Lastly, the Fastened Vary Quantity Profile for 2025 confirmed that the Worth Space Excessive and Low (dotted blue) for LTC have been at $131.85 and $94.9, respectively. The Level of Management (crimson) was at $118.2, with all three rising as key horizontal ranges for merchants to keep watch over.
The press time market construction of Litecoin was bullish, and there was above-average shopping for quantity in latest days. Nonetheless, the resistances from $118-$132 will stay formidable obstacles.
