Litecoin was struggling to maintain the $67 support level, and whale activity hinted at a possible reversal. Despite growing network activity, only 28% of LTC holders were profitable.
Litecoin (LTC) bearish momentum is weakening after registering 4% over the past three days. At the time of this writing, LTC was testing a major support level at $67. This support level is important because further selling may occur if the price falls below this support level.
However, if the bullish indicators and indicators continue to work, we may be able to expect a successful rebound.
Is Litecoin headed for a rebound?
Whale accumulation centered on Litecoin is increasing. Analysis of Santiment data by AMBCrypto shows that large investors are taking positions, perhaps in preparation for a possible change in market direction.
In general, this kind of accumulation indicates whales’ belief that Litecoin may have reached the bottom, or at least that they see these prices as potential buying opportunities.
Source: Santimento
A glimmer of hope in the increase in active addresses
Another positive sentiment towards Litecoin is the increase in active addresses. In the last 24 hours alone, the number of active addresses increased by 2%, indicating an increase in users and activity on the network.
This spike could precede a stabilization or recovery in price, and could signal that more market participants are trading or moving Litecoin, indicating that this asset is once again in demand. .
Source: Into the Block
Only 28% of Litecoin holders have profited
Despite these positive signals, only 28% of Litecoin holders are currently profitable. This suggests that the majority of them bought Litecoin at a high price and were still waiting for the market to turn around.
This would be a moderation for the current price movement considering that the $67 support holds or will trigger further losses if the support breaks.
Source: Into the Block
Read Litecoin (LTC) price prediction for 2024-2025
Whether Litecoin can sustain above the $67 mark will largely depend on Litecoin’s short-term prospects. Whales are interested, as are active addresses.
However, many investors are in a predicament. The next few days will be decisive as to whether LTC can actually recover or whether the bearish trend continues.
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