Bitcoin is currently trading around $27,200, and altcoin investors are eagerly waiting for a potential increase. If BTC manages to reclaim the $28,000 level and stabilize, altcoin investors may also witness double-digit gains. LTC coin investors are among those who are eagerly following these developments. So, what are the recent developments in the LTC market?
LTC investors were already prepared for a drop in value due to the halving event. Therefore, the selling pressure that followed the peak was not surprising. However, the overall negative sentiment in the market pushed the popular cryptocurrency to its lowest level of $58 in 2023. Although the price briefly jumped to $65, it may be too early to celebrate.
Litecoin (LTC) whales took action last week to buy at the bottom, triggering a 12% recovery. On-chain data confirmed that whales were waiting to buy at the dip. This suggests that the long-term investors may continue to push the price upwards for now.
On-chain data shows that whales holding between 10,000 and 1 million LTC coins played a significant role in the recent price recovery. Whales bought 510,000 LTC between September 10th and September 14th.
LTC Price Predictions
Based on the above data, there is a significant LTC price recovery underway. The total purchase made by whales at the current price of $65 is worth $33.2 million. Although the buying slowed down due to the Fed meeting, this cumulative volume is not negligible in bear markets where the trading volume is low. If the Fed announces the expected interest rate ceiling and declares its intention to avoid excessive tightening, this could rekindle the appetite of the whales.
In an optimistic scenario, it would not be surprising for the price to reach $80 again with increasing demand. However, the price needs to overcome the resistance at $68. On the other hand, we may see a decline to $55 and $50 in the opposite scenario. At the critical level of $59, there are 623,000 addresses that bought 5.23 million LTC at an average price. If the price drops to this level with high momentum, investors who want to cut their losses may unintentionally support the bears.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.