- Strong whale accumulation has seen the LTC price jump by 38 percent alone this month.
- On the downside, LTC has strong support at $89.50 while it faces strong resistance at the $96.95 level.
Popular altcoin Litecoin (LTC) has been currently in the news over the last few months for posting a very strong rally in the market. Over the last few weeks, Litecoin has seen strong whale accumulation which has supported this price rally.
As of press time, Litecoin (LTC) is trading 1.5 percent up at a price of $93.54 and a market cap of $4.75 billion. during the implosion of the crypto exchange FTX in the second week of November 2022, the LTC price touched a low of $50. Since then, there’s no looking back and Litecoin has gained a staggering 89 percent so far.
The Litecoin investors’ cohort that holds anywhere between 100-10,000 $LTC has added a total of 1.15M more coins in the past 6 months. This group of investors has increased its Litecoin holdings by nearly 5 percent.
🦈 #Litecoin has now rallied its price up +89% since its drop below $50 on November 9th. Culprits for the surge of the 11+ year-old coin include addresses holding 100-10,000 $LTC, who have added 1.15M more coins in the past 6 months, a 4.92% increase. https://t.co/JHO30q1c0x pic.twitter.com/HP1mfqpoBR
— Santiment (@santimentfeed) January 31, 2023
In one of its previous reports last week, on-chain data provider Santiment reported:
Litecoin’s large whale transactions have exploded with activity, indicating a resurgence of transactions that are valued at $1 million or more. On the tail end of the last two similarly sized whale spikes, prices jumped +37% and +33% at their peaks.
Another reason behind the Litecoin price rally is the upcoming halving event coming ahead this year around August 2023. Analysts expect that the LTC price could continue to rally in the coming months with price targets of $130 and above.
Litecoin Hashrate and LTC chart
The computational power of the blockchain network Litecoin (LTC) reached a new all-time high last week at block height 2,411,048, reaching 798.43 terahash per second (TH/s). Over the last month since December 28, the Litecoin blockchain’s computational power jumped by 38 percent. Currently, as of January 31, the LTC hashrate stands at 684.05 TH/s.
At the same time, Litecoin’s mining difficulty has also increased and touched an all-time high of 23,505,031 last week. LTC has once again revived its price rally after a strong drop under $90 in the last 24 hours.
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On the downside, Litecoin (LTC) has strong support at $89.50. Similarly, on the upside, Litecoin is facing strong resistance at the $96.95 level. The 50-SMA and 200-SMA were hinting that the LTC price could find support at $89.50, exactly where the price bounced back earlier today.
Litecoin has participated in the broader altcoin market rally this month and has surged up the ladder to become the 13th largest cryptocurrency by market cap.
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Read More: Litecoin rallies 89% as big whales bet on rising price