Litecoin Challenges the Bear Market
Litecoin (LTC), one of the oldest cryptocurrencies, is challenging the bear market we are in. LTC has gained close to 50% in the last 30-day period. With the FTX collapse, Bitcoin (BTC) broke the important support at $ 18,500 to the downside. However, many altcoins also experienced great declines. However, these days when the bear season is at its deepest, Litecoin quickly compensated for the last drop.
Cryptocurrency analytics firm Santiment commented on this rise in Litecoin to an increase in accounts holding large amounts of LTC. Over the past 14-day period, major wallets have collected around $42.4 million in LTC. LTC, which broke above the $80 level for the first time since May, seems to be a sign that the uptrend will continue.
Like Bitcoin, Litecoin also shrinks in mining rewards every 4 years. LTC, which was halving in 2015 and 2019, rose above these periods. With the next halving expected to take place in August, Litecoin is expected to experience a larger rally.
Hovering above both its 200 and 50-day moving averages, LTC broke the resistances at $60 and $74 hard. If it stays above these levels, Litecoin is expected to rise to the levels of $ 105-110. In case of a decline, it seems likely that the cryptocurrency will find buyers between $ 57-60. While most of the cryptocurrencies that had a big drop with the Terra crash are still below those levels, LTC has reached its highest level since May.
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