The price of Litecoin (LTC) has experienced a slight 3% recovery after experiencing a 10% drop on Monday due to the turmoil in the global crypto market. On-chain data shows that the confidence of the Litecoin mining pool played a key role in the initial price recovery. Could the bulls be aiming for a price recovery to $95?
Since the beginning of June, there has been a positive change in the sentiment of Litecoin miners. Although the entire cryptocurrency industry has recently experienced declines, miners continue to increase their reserves. There is a possibility that Litecoin could take advantage of this opportunity to rally in the coming days. However, as with any cryptocurrency investment, forecasting and predicting prices is a very difficult task and depends on many different factors in the market.
LITECOIN MINERALS STILL Stacking On Top Of Each Other, Regardless Of Market Volatility
Although the crypto market has experienced volatility and negative sentiment this week, Litecoin miners have maintained patience.
Miners’ reserve data is tracked through on-chain data in wallets associated with recognized miners and mining pools. According to IntoTheBlock, a blockchain analytics site, Litecoin miners increased their reserves this week. Specifically, from June 3 to June 8, they increased their holdings by 100,000 LTC. This shows the confidence and consensus of the Litecoin mining team despite the difficult market context.
As you stated, the above data shows that while Litecoin price has dropped during the recent sell-off, miners are still bullish. An important factor that could influence their decision is the upcoming Litecoin Halving event. In the past, the LTC price has surged after the last two Litecoin Halving events. As a result, miners can continue to accumulate their reserves as the event approaches. This shows that they believe that the price of LTC can rise in the future.
LITECOIN HAS WITNESSED A REVOLUTION IN NETWORK ACTIVITY
After Monday’s drop, the number of active Litecoin wallet addresses on the network is trending up again. According to Active Addresses data (7d), the number of unique wallet addresses that interacted on the network over a seven-day period, on June 5, there were only 2.11 million daily active addresses. However, by the end of June 8, the index had recovered 20% to 2.53 million addresses. This shows that the growth in trading activity and user interest in Litecoin is growing again.
The increase in the number of active addresses on the Litecoin network signals that more users are making transactions on the network. This creates demand for the Litecoin asset and can increase economic value in its ecosystem. If the number of people participating in the Litecoin network continues to increase in the coming days, increased demand could stimulate the price increase.
bullish confidence on the part of Litecoin mining pools and a resurgence in trading activity are key factors that could drive an earlier Litecoin price recovery.
LTC PRICE FORECAST: POTENTIAL RECOVERY TO $95
Amid the anxiety generated by the SEC, there are a number of factors that could push the LTC price back up to the $95 level. However, to achieve this, LTC needs to break above the $90 resistance level. According to IntoTheBlock’s In/Out of the Money Price chart, there are 610,000 investors who bought 6.95 million LTC with a minimum price of 90 USD, and this could hinder the price increase of LTC. However, if the bullish outlook comes to fruition, the LTC price could break above the $95 level.
A bearish situation for Litecoin could occur if the LTC price suddenly drops below the $82 support area. However, it should also be noted that 250,000 investors bought 3.75 million LTC with a minimum price of 82 USD, and this could have stopped that downtrend. It’s unlikely, but if the support cannot hold, the LTC price could drop to $75.
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