- 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 analyst with years of experience under my belt, I have seen the ebb and flow of the crypto market more times than I can count. This week’s performance by Litecoin has certainly piqued my interest. The resurgence in social engagement, particularly on Twitter, and the subsequent bullish price action is a trend that I’ve seen play out many times before, but never ignore.
Over the past week, Litecoin has experienced quite a bit of excitement, mainly due to an increase in social engagement it’s seen recently. This uptick coincided with some significant upward price movements. However, the question remains: Can Litecoin sustain this momentum for the long haul?
It’s clear that Litecoin’s involvement on social media platforms significantly increased, as demonstrated by its social statistics. For instance, its Twitter account, which had been shedding followers for the past six months, experienced a turnaround. Instead of decreasing, the number of followers began to increase again starting this month.
Since the second week of October, there’s been an upward shift in the follower count, suggesting a revived curiosity about the cryptocurrency. This trend might signal a forthcoming increase in LTC demand on a broader scale.
This week has been beneficial for the altcoin on pricing front as well. Currently, it’s worth $75.32, marking a 17% increase from its lowest point this week. Remarkably, due to these gains, Litecoin stands out among the market’s top performers over the past seven days.
According to the graphs, LTC has been making lower highs followed by higher lows since August, indicating that it’s being bought up more than sold (or accumulated).
This indicates a shift in public opinion and engagement regarding cryptocurrencies. Implicitly, it suggests that the trend towards a bullish market recovery could persist.
Litecoin whales have been adding to their balances
It appears that large account holders have been steadily purchasing alternative coins over a period of time, as indicated by on-chain information.
The significant increase in LTC holdings saw a jump from 175,630 LTC on October 13 to 438,700 LTC on October 16. This spike occurred at the same time when the cryptocurrency experienced an uptick in price.
Over the course of two days, a significant increase was observed in the amount of Litecoin being moved out by large holders. On October 13th, this figure stood at 95,480 LTC, but by October 14th, it had risen to 202,180 LTC.
As a crypto investor, I’ve noticed a significant trend: Large wallets are seeing twice as much Litecoin coming in compared to what’s going out. Translated, it means that the ‘whales’ in our community have been actively buying up Litecoin.
Is it possible for Litecoin’s recent upward trend to continue given the observed increase in trading activity from October 12th, reaching its height on the 15th, followed by a decrease in both buying and selling volumes?
Combining data from both buying and selling activities indicates a decrease in the initial volume that sparked the current surge. This could potentially mean an increase in selling activity over the next few days.
Additionally, LTC has encountered a resistance point at around $76 in its recent advance. This could lead to some sell-offs due to profit-taking, potentially causing a dip in the graph.
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2024-10-20 14:16