- Over 40 million LTC locked away
- LTC bullish price trend to persist after a price retracement
Over 40 million LTC remains locked for a year while the coin indicates a price attaining the $50 level on the LTC price analysis. Though the LTC network has a smaller volume of transactions, some whales and holders that wait for the right time to trade. The new research shows that over 63 million LTC is in circulation while 40 million LTC has been locked for over a year. The research also trailed some of the coins to a few exchanges and others belong to traders or early adopters that purchased the coin the years.
Commenting on this Franklyn Richards stated on behalf of Litecoin:
“Even taking this into consideration, the main conclusion one may make from this data is that there are a significant number of coins now held by strong hands and long term who have been accumulating and thusly removing potential downward pressure on the markets.’’
LTC Bullish Price Trend to Persist After a Price Retracement
It appears Litecoin’s LTC is preparing for a price correction. The current price rally that has driven LTC’s price to about 33% since January 3 may soon wear off. Going by the price trend, the coin seems to be preparing for a price retracement. The technical guide is currently indicating a trade signal in the shape of a green nine on LTC’s 1-day chart. With such a bearish price momentum, it means that the coin might likely retrace for one – four candlesticks before resuming its bullish trend.
Litecoin (LTC) Price Today – LTC / USD
A dash in the selling pressure behind LTC could authenticate the bearish signal. Upon validation, LTC could decline to seek support around 61.8% or the 50% Fib retracement levels. These levels rest at $45.8 and $44.
A retrace to the 61.5% Fib retracement level, could be considered as a signal that LTC’s bullish price trend would remain positive. If this happens, traders could expect a surge in demand for LTC around the $45.8 to $44 zones. The 61.8% Fib retracement level is regarded as the “golden” retracement level due to the high chance of a price recovery.
Regardless of the short-term bearish stance of the coin, a surge in the buying pressure close to the current price levels could nullify it. If LTC can close the day above the current high of $51.8 with ample volume, it could increase and test the 12.72% Fib retracement level at $56. Closing the day above this major hurdle of resistance could increase the chances for a rise up to the 20% Fib retracement level at $67.4.