In a recent market analysis, prominent analyst Ali has taken to Twitter to share insights on the current trading patterns of Litecoin (LTC) in anticipation of its upcoming halving event. According to Ali’s observations, Litecoin finds itself positioned between two significant supply walls, hinting at potential price movements in the near future.
The first key support level for LTC lies in the range of $87 to $90. Notably, approximately 625,000 unique addresses have accumulated a substantial 7.8 million LTC within this price bracket, signifying a considerable interest from investors to maintain LTC at this level.
Conversely, a notable resistance zone has formed between the price range of $90 and $93. Around 590,000 addresses are reportedly holding a collective 6 million LTC within this range, indicating a potential selling pressure from these holders as the price approaches this upper threshold.
According to the current price analysis, Litecoin is trading at $91.50 with a trading volume of $2.73B in the last 24 hours. Its market cap is $6.72B, and it holds 0.56% of the market. Over the past day, its price rose by 1.15%. Out of a max supply of 84.00M LTC, there are 73.47M LTC in circulation.
Litecoin’s Pre-Halving Market Sentiment
Adding to the market discourse, analytics firm Santiment has also contributed its perspective on the current state of Litecoin. In a recent tweet, Santiment suggests that Litecoin could be experiencing a classic “buy the rumor, sell the news” scenario as the impending halving event approaches.
However, with less than 9 hours remaining until the anticipated halving, market participants appear to be reacting to the event with heightened emotional responses, resulting in increased social media activity related to Litecoin.
Santiment’s observation also indicates a surge in social dominance for Litecoin, accompanied by signs of panic among investors. Negotiating the inherent volatility associated with LTC’s price fluctuations during this period demands a certain level of patience and resilience on the part of traders.
Nevertheless, as the countdown to the halving continues, the cryptocurrency community will likely closely monitor how Litecoin responds to these supply walls and whether the “buy the rumor, sell the news” pattern indeed comes into play. The upcoming hours are expected to shed more light on the market sentiment and the resilience of LTC in the face of these significant developments.
Related Reading | Avalanche (AVAX) and Filecoin (FIL) Lag Behind: VC Spectra Shines Brighter!