Litecoin price rose 10% in April to retest $100 for the first time since February 15th. While the 30% retracement snapped the February rally at $102, the on-chain data shows that Litecoin miners and whales could push the current uptrend further. Will LTC break the $110 resistance?
On April 10, the Litecoin team announce Series of major product updates. By April 14, the price of LTC had increased by 8% as the markets reacted positively to the announcement. On-chain data shows that the wave of accumulation between Litecoin miners and crypto whales appears to be the main driving force behind the current bull run.
Litecoin miners are on their way to price gains in the future
After a short sell-off in March amid rising costs, Litecoin miners have recently accumulated a significant portion of their block rewards. According to blockchain information platform IntoTheBlock, Litecoin miners began accumulating their reserves around March 28.
The chart below shows how they added 1.11 million LTC to their reserves between March 28th and April 12th.
When miners refrain from selling their block rewards, it means they are setting themselves up for price gains in the future. And with Litecoin next Half happened In less than 120 days, miners are likely to become wiser about their LTC reserves.
Likewise, the wave of accumulation among a strategic group of LTC whales adds credibility to the current bullish stance.
According to Santiment, crypto whales with balances of 1 million to 10 million LTC have continued to accelerate the accumulation frenzy that began in February.
The chart below shows that whales added 2.37 million LTC between February 3rd and April 13th.
With a current market value of $98, the newly added LTC is worth more than $230 million. If the crypto whales continue to accumulate, LTC may soon break out of the $100 price barrier.
LTC Price Prediction: $113 is the next target
The bearish resistance stopped Litecoin’s previous rally, around the $102.5 level in February. However, IntoTheBlock’s Break Even price distribution data shows that LTC could reach $113 before facing a major pullback.
The chart below shows that if LTC can break the current resistance at $98, it could enter an extended rally. But the tie army of 149,000 titles with 488,000 coins can put up some resistance.
If LTC breaks that resistance, the bulls could extend the rally to $131. However, another group of 986,000 addresses could sell some of the 6 million coins once LTC gets close to the average break-even price.
However, the bears could seize control if LTC loses its current support at $95. But the 476,000 addresses containing 4.33 million coins will prevent this.
Failure to hold the $95 support could lead to a retest of $85 for Litecoin, where 500,000 addresses containing 7.47 million coins could hold.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
