Loyal Holders: Price Resilience Despite LTH Data
- Good news for Litecoin enthusiasts: LTC is leading the pack in long-term holding, even beating out Bitcoin and Ethereum in keeping investors on board.
- The price of LTC is hitting a roadblock around $86.25, and there’s some key support hanging around $83.00 as the price has been dipping.
- The RSI is getting close to oversold territory, but the MACD is hinting that the bearish push might be losing steam, which *could* mean a turnaround is in sight.
Recently, Litecoin (LTC) has stepped into the spotlight, earning the top spot as the cryptocurrency with the highest percentage of supply held by long-term investors. Data from IntoTheBlock highlights this strong show of faith from the LTC community.
In fact, a whopping 77.7% of Litecoin holders have been holding onto their coins for over 155 days – which, in crypto terms, is considered a long-term commitment.
This puts Litecoin just a tad ahead of other popular cryptocurrencies known for their strong communities, like Chainlink (77.5%) and Shiba Inu (75.8%). It really underscores the solid belief that Litecoin holders have, especially when compared to many other altcoins. Even crypto giants like Ethereum (74.2%) and Bitcoin (73.3%) follow closely behind in terms of long-term holder percentages, according to the same data.
Looking further down the list, Tron (63.2%) and Avalanche (62.9%) show somewhat lower numbers for long-term holders. However, Toncoin really stands out at the low end, with only a tiny 3.9% of its investors holding on for the long haul. This difference suggests that TON might be seen more for quick trades and speculation, while Litecoin seems to inspire more loyalty from its investors.
Litecoin Price Dips Despite Holder Conviction
Even though Litecoin is rocking it in terms of long-term holder strength, its price hasn’t been immune to recent market jitters. As the broader crypto market has taken a bit of a downturn, LTC has also felt the pressure. Over the last day, LTC has dropped by 2.56%. Right now, you can see it trading around $82, after struggling to stay above some key resistance levels in the short-term.
Related: Litecoin ETF From Canary Capital Gets Listed on DTCC: LTC Price Impact Analyzed
Initially, it looked like the price might hold steady around $86.25, but unfortunately, sellers stepped in pretty strongly at that point. This selling action pushed the price down to a low point near $83 before things calmed down a bit. Since then, there’s been a slight attempt to bounce back, but resistance around $85.50 has made it tough for Litecoin to really gain upward momentum.
What Are Key LTC Support and Resistance Levels?
Right now, Litecoin is bumping up against immediate resistance around $85.50. If it can break through that, the next hurdle is the recent high of about $86.25. Clearing these levels is going to be key if Litecoin wants to make a real comeback and start heading upwards again.
Looking at the downside, the $83.00 mark is currently acting as an important support level. We’ve seen some buyers step in around this price before. However, if the selling pressure continues and this level gives way, we could see LTC slide further down towards the next support area, which looks to be between $82.00 and $82.50.
If the price breaks decisively below this $82.00-$82.50 zone, it might just trigger even more selling in the short term.
Technical Indicators Signal Weak Momentum
A look at some technical indicators suggests that Litecoin’s short-term price momentum is currently looking a bit weak. The Relative Strength Index (RSI) on the daily chart is currently hovering near 33.56. This is getting close to what’s considered oversold territory, which is usually below 30.
While an RSI below 30 *can* sometimes be a signal that a price reversal might be on the horizon, Litecoin isn’t quite there yet.
Related: Litecoin Seen Leading Altcoin ETF Race as SEC Approval Odds Weighed for Dogecoin, XRP, and Others
The Moving Average Convergence Divergence (MACD) indicator also points to generally bearish conditions at the moment. The MACD line is sitting just under its signal line. However, if you look at the histogram, it’s showing a slightly positive value (0.13), which is a little glimmer of hope. It *could* be telling us that the recent downward push is starting to lose some of its strength.
If the MACD line manages to cross decisively above the signal line – confirming this little hint we’re seeing – then we could well see a short-term bullish reversal kick in.
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