An increase in funded wallets not only means an increase in the number of users, but is also a bullish indicator of new funds flowing into the ecosystem.
It is widely speculated that when Bitcoin mining rewards are cut in half on April 20th, many unprofitable miners may turn to other PoW networks.
Therefore, strategic investors appear to be spying on other prominent PoW networks like Litecoin in hopes that the upcoming Bitcoin halving event will impact prices and network sophistication. . actively.
Litecoin (LTC) Price Prediction: A Rough Road to $100
Given that LTC price trends are closely and positively correlated with changes in the number of holders, the continued increase in funded wallets could push Litecoin price towards $100 in the coming days. It is very likely that it will rise.
However, in the short term, bulls will face significant resistance near the $95 area. As shown in the Coinglass chart below, a leveraged SHORT LTC position of $6.4 million is scheduled to be liquidated if the Litecoin price rises above $94.
Given that this is a highly liquid price range, strategic LONG traders will attempt to execute profit-taking orders with minimal slippage, while SHORT traders wishing to reduce losses may deploy stop-loss orders at the same time. can.
This important factor could lead to another retracement of Litecoin price from the $94 area next week.
However, given the fresh influx of capital from new entrants ahead of Bitcoin’s halving, there is considerable change in the price of Litecoin as expected, pushing it above the sell wall and towards $100. Probably.
