Litecoin is testing the $67 support level with rising whale and trading activity.
- Litecoin was battling to hold its $67 support level, with whale activity hinting at a potential reversal. Despite growing network activity, only 28% of LTC holders were in profit.
Litecoin [LTC] bearish momentum was fading after a 4% in the last three days. As of writing, LTC was testing the key support level at $67. This support level is significant because if the price breaks down below it, there may be further selling.
However, if the bullish indicator and metrics remain in play, a successful rebound may be on the cards.
Litecoin headed for a bounce?
Whale accumulation around Litecoin has increased. According to AMBCrypto’s analysis of Santiment data, large investors have been taking positions, perhaps in preparation for a potential change in market direction.
Generally, this type of accumulation is indicative of the belief of such whales that Litecoin might have reached a bottom, or at least that whales consider these prices a potential buying opportunity.
Source: Santiment
A spark of hope in growing active addresses
Another positive sentiment for Litecoin is the increase in its active addresses. In the past 24 hours alone, the number of active addresses increased by 2% to show growth in users and activity on the network.
The surge could just precede a price stabilization or recovery, with more market participants trading and moving Litecoin to indicate the asset is once again in demand.
Source: IntoTheBlock
Only 28% of Litecoin holders are in profit
Despite these positive signals, only 28% of Litecoin holders are currently in profit. This suggests the majority of them purchased Litecoin at a higher price and were still waiting for a turnaround in the market.
This would be a relief in the current price action, considering the $67 support holds or triggers further losses if the support breaks down.
Source: IntoTheBlock
Litecoin’s short-term future is much a factor in whether it sustains above the $67 mark. Whales are interested, and so are active addresses.
However, many investors are underwater. The forthcoming days are decisive with regard to whether LTC can actually bounce back, or if the bearish trend will continue.
Take a Survey: Chance to Win $500 USDT
Next: Ethereum price prediction shows bulls might struggle from THIS point
Source
