Litecoin (LTC) was one of the top gainers in Nov. gaining over 45% in 30 days, but the $100 price level still remains to be tested.
Litecoin price gains outperformed most cryptocurrencies, owing to the rather anticipated LTC halving scheduled for early next year. At press time, despite the global crypto market turning slightly green, LTC price action seemed to slow down.
Nonetheless, the recent price appreciation reversed the losses LTC saw from June to Oct, 2022. While the price was up on a monthly chart, LTC holders and investors were still awaiting a retest of the psychological $100 support/resistance mark.
LTC: The Most HODLd Digital Currency
A recent update from Litecoin Foundation revealed that LTC took the number one spot as the biggest cryptocurrency by median hold. The same meant that Litecoin holders had lower losses than other cryptocurrencies in the mid-short term.
The short-term and mid-short-term ROIs for LTC suggested that one-month holders were in 42.46% profit while three-month holders had a +36.13% ROI. Alongside ROI, long-term and short-term Market Value by Realized Value (MVRV) showed that both long-term and short-term holders were in profit.
However, 30-day, 90-day, and 180-day MVRVs in profit could lead to some participants taking profits and exiting the market. Additionally, the aforementioned MVRVs were above 20, which is considered overheated and can lead to a short-term pullback.
Daily trade volumes for LTC were down by 17.22%, oscillating at the $713 million mark despite the 2% press time gains Litecoin registered. So, what’s on the cards for Litecoin going forward?
Litecoin Sharks Lighten Bags
Despite the price gaining 2.92% on the daily, trading at $78.15 at press time, the LTC-weighted sentiment kept on dwindling. Negative weighted sentiment usually means there’s not much demand or good talk about the coin.
The Age Consumed indicator showed significant upticks in the last week, showing old coins moving probably due to the sell-side pressure at higher prices.
LTC whales and sharks have played a key role in the recent Litecoin rally, especially addresses holding 1,000 to 100,000 LTC. This cohort has had a price correlation with Litecoin. A look at the coin’s supply distribution suggested that the aforementioned LTC shark cohort was distributing or reducing their holdings.
Litecoin sharks with 1,000 to 100,000 LTC and 100,000 to 10,000,000 LTC had reduced their balances in the last week.
With the market looking slightly overheated, LTC prices could see a short-term price pullback. In case of a price pullback, the $72 mark could act as strong support. However, the long-term prospects for LTC price still look bright, with LTC set for its third halving in 2023.
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