Litecoin (LTC) is up almost 12% in a week. Last Wednesday, the coin reached a local peak at $77.55, but today it has corrected to $74.77.
The share of profitable LTC addresses has grown to 47%, but 48% of altcoin holders are still unprofitable, according to IntoTheBlock data.
The Santiment team analyzed the behavior of small and medium litecoin addresses and came to the conclusion that the cryptocurrency accumulation resumed in early November 2022. Now it is ongoing, and such a strategy of wallets with a balance of 1 to 100 LTC can create conditions for a coin rebound, analysts predict.
They found that litecoin holders mostly sold coins in 2018-2019. They resumed investments in LTC in May 2020, and they began to implement it after the coin returned to values above $50.
In July last year, investors again returned to the accumulation of Litecoin, but it was not so aggressive compared to Bitcoin and Ethereum.
According to Santiment, at the beginning of 2023, the number of wallets on the network controlling from 1 to 100 LTC grew to 7.62 million.
A zone of strong resistance has formed in the area of $78-80, it is unlikely that Litecoin will be able to break it in the coming days, experts say.