- Litecoin concluded a bullish week aided by a resurgence in social engagement
- Whales have been contributing to the rally, but the cryptocurrency might see a pullback soon
As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull and bear runs. This week, Litecoin has certainly caught my attention due to its resurgence in social engagement and impressive price action.
This past week has been quite intriguing for Litecoin, mainly due to a significant increase in its social engagement recently. Alongside this surge, there’s been some notable positive price movement. However, the question remains: Can Litecoin sustain this momentum over the long haul?
It’s clear that Litecoin’s social interaction saw a significant increase, as demonstrated by its social analytics. For instance, its Twitter account had been experiencing a decrease in followers for the past six months. But, surprisingly, the number of followers reversed course and began to rise again earlier this month.
Since the second week of October, there’s been an upward surge in the number of people following this cryptocurrency, suggesting a revitalized curiosity. This growth could signify a rising trend in overall LTC demand.
This week has been beneficial for the altcoin in terms of price, with it currently valued at $75.32 – a 17% increase from its lowest point this week. As a result, Litecoin stands out as one of the top performers in the market over the past seven days due to these significant gains.
According to the graphs, LTC (Litecoin) has been making lower highs followed by higher lows since August, which suggests that it’s being accumulated rather than sold off.
This indicates a shift in public opinion and engagement regarding cryptocurrencies. Implicitly, it suggests that such a trend could persist, potentially leading to further bullish market recovery.
Litecoin whales have been adding to their balances
It appears from on-chain analysis that some significant investors have been steadily purchasing the alternative coin over a prolonged period.
During this timeframe, inflows into large wallets significantly increased from approximately 175,630 LTC on October 13th to around 438,700 LTC on October 16th. This surge in inflows corresponded with a period when the cryptocurrency experienced a price rise as shown on its charts.
As a researcher, I’ve observed an intriguing increase in the outflow of large Litecoin holdings. On October 13th, this figure stood at approximately 95,480 LTC, but by the next day, it had significantly risen to 202,180 LTC.
It was found that deposits into big wallets occurred twice as frequently as withdrawals from similar categories of wallets. In simpler terms, it appears that ‘whales’ have been actively buying up Litecoins.
Could we expect Litecoin to continue its present trend based on recent activity? Notably, there was an immense surge in buying and selling activities from October 12th, reaching a high point on the 15th. However, since then, both buy and sell volumes have started to decrease.
As an analyst, I’ve observed a pattern in the trading volume. The initial surge that sparked the current rally appears to have lessened significantly. This could potentially indicate a buildup of selling pressure in the near future.
Additionally, Litecoin (LTC) has reached a resistance point at around $76. This could lead to some investors cashing out for profits, potentially causing a short-term dip in the chart.
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2024-10-20 11:03