Litecoin (LTC) Miners Prepare for a Rise!

  • LTC has increased by 10% since the beginning of April.
  • Litecoin whales have invested over $200 million since February.
  • LTC could reach $110 before a pullback.

In April, Litecoin’s price increased by 10%, testing $100 for the first time since February 15. Chain data from Litecoin miners and whales, who pulled back the February rally by 30% at $102, suggests that the current bull run could go even further. Will LTC break the $110 resistance?

The Litecoin team announced a series of major product updates on April 10. By April 14, the markets had responded positively to the announcement, increasing LTC’s price by 8%. Chain data shows that a wave of accumulation between Litecoin miners and crypto whales is the main driving force behind the current bull rally.

Litecoin Miners Prepare for a Rise!

After a short selling wave in March due to rising costs, Litecoin miners have recently accumulated a significant portion of block rewards. According to the blockchain platform IntoTheBlock, Litecoin miners began accumulating reserves from March 28.

The following chart shows that miners added 1.11 million LTC to their reserves between March 28 and April 12.

Litecoin Miner Reserves

When miners avoid selling block rewards, it implies that they are taking positions for future price gains. And with the halving event of Litecoin, which will take place in less than 120 days, miners will likely approach their LTC reserves more carefully.

According to Santiment, crypto whales holding between 1 million and 10 million LTC have continued to accelerate their accumulation frenzy that began in February.

The following chart shows that whales added 2.37 million LTC between February 3 and April 13.

Litecoin Price vs. Amount in Whales’ Wallets

With a current market value of $98, the newly added LTC tokens are worth over $230 million. If crypto whales continue to accumulate, LTC could soon break the $100 price barrier.

LTC Price Prediction: Next Target is $113

Despite the bear resistance that stopped its previous rally around $102.5 in February, IntoTheBlock’s Break Even price distribution data shows that Litecoin’s price could reach $113 before encountering significant resistance.

The following chart shows that if LTC breaks its current $98 resistance, it could enter a long rally. However, the Break Even army of 149,000 addresses holding 488,000 LTC could create some resistance.

If LTC breaks through this resistance, the bull rally could extend to $131. However, there is another cluster that could sell some of their holdings when 986,000 addresses holding 6 million coins approach the average Break Even price.

Litecoin Price Distribution Data

However, if bears lose the current $95 support, they could take control. But 476,000 addresses holding 4.33 million coins will try to prevent this.

If LTC cannot hold the $95 support level, it could retest $85 with 500,000 addresses holding 7.47 million coins.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. COINOTAG is committed to accurate, unbiased reporting, but market conditions can change without notice. Always do your own research and consult with a financial professional before making any financial decisions.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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