Litecoin whales holding 1k to 100k coins have increased their holdings by 270,000 in the month of July. This is according to an analysis by the team at Santiment
who shared their observation through the following chart.Additionally, the team at Santiment pointed out that the number of unique addresses interacting with the Litecoin network has grown by 47.5% in the last 10 days. This is despite the fact that Litecoin has been trading in bearish territory for the better part of the month.
Consequently, Litecoin’s on-chain metrics are bullish given the accumulation by LTC whales and the high address activity on the network.
With respect to price action, Litecoin is currently trading at $125 after bouncing off the $100 support earlier this week. With this move, Litecoin has broken away from the grasp of a descending triangle that might have led to a journey below $100.
This descending triangle and the 50-day MA, have been highlighted in the following daily LTC/USDT chart.
Also from the chart, the following can be observed.
As with all analyses of altcoins such as Litecoin, traders and investors are reminded that LTC’s fate lies in the hands of Bitcoin. Therefore, Litecoin is likely to mimic any market volatility by Bitcoin. If Bitcoin reclaims the 50-day moving average, Litcoin will most likely do the same. If Bitcoin dumps back to $33k or even $32k, Litecoin will most likely reenter the descending triangle.