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Litecoin: Assessing if THIS can push LTC past $150
Litecoin (LTC) has recently rebounded by 13% in the span of a day, fueled by an uptick in whale activity and a significant majority of addresses now being in profit. This sudden surge raises questions about the possibility of LTC breaking past the psychologically important $150 level.
The recent 20% correction to the pennant resistance level has seemingly been erased, as Litecoin’s price has responded favorably to this adjustment. The altcoin’s whale activity has also seen a notable increase, with a significant 7% surge over the past 24 hours. This renewed interest from institutional players and high net worth individuals often serves as a bullish signal for LTC.
Furthermore, a staggering 72% of Litecoin addresses are now in profit, suggesting widespread gains among holders. This profitability metric is often correlated with sustained bullish sentiment, as market participants tend to hold onto assets rather than selling at a loss.
While these indicators provide a strong foundation for the current rally, the possibility of breaking past the $150 psychological level remains uncertain. The cryptocurrency’s price movements have historically followed Bitcoin’s trend, which means that any bearish sentiment in the wider crypto market could potentially slow LTC’s upward momentum.
Nonetheless, with this combination of growing whale activity and widespread profitability among holders, there is a genuine prospect for Litecoin to continue its current rally and potentially push past $150.
Source: ambcrypto.com
