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Litecoin: Assessing if Whale Activity Can Push LTC Past $150
Litecoin has made a significant comeback, surging 13% in just 24 hours following a sharp correction of 20%. The altcoin’s recent whale activity surge by 7%, accompanied by an astonishing 72% of addresses being in profit, have raised eyebrows and sparked discussions about the potential for LTC to break past the $150 psychological barrier.
The sudden turnaround can be attributed to whale activity, which has seen a significant increase of 7%. According to IntoTheBlock data, large transactions for Litecoin surged over the last day, indicating a renewed interest from institutional players and high net worth individuals. This spike in whale activity is often viewed as a bullish signal for LTC.
Furthermore, data suggests that an astonishing 72% of Litecoin addresses are currently in profit. This profitability metric has historically correlated with sustained positive sentiment within the market, as holders are less likely to sell at a loss.
As a result, it’s not difficult to see why investors and traders alike are optimistic about the potential for Litecoin to continue its upward momentum. The question remains: can this whale activity propel LTC past the $150 mark?
While some may argue that broader market conditions will ultimately dictate the direction of LTC’s price movement, the current on-chain metrics paint a decidedly bullish picture. As Litecoin continues to defy expectations and make significant strides upwards, the prospect of surpassing $150 becomes increasingly plausible.
However, it is crucial to note that Litecoin’s price movements are heavily correlated with those of Bitcoin. Any bearish sentiment in the wider crypto market could undoubtedly slow down its upward momentum.
Ultimately, the success of LTC in pushing past the psychologically important mark will depend on a multitude of factors. Nevertheless, these current whale activity and profitability metrics serve as strong foundation for its ongoing bullish run.
Source: ambcrypto.com
