Litecoin (LTC) has experienced a surge in the past month, with 65% of holders currently in profit. The cryptocurrency has seen a 20.42% increase on monthly charts, reaching a high of $98 after hitting a local low of $64. As of the latest data, LTC is trading at $89, leaving many holders in a profitable position and prompting analysts to speculate on the altcoin’s future price action.
According to IntoTheBlock, 65.39% of LTC holders are currently in profit, the highest percentage since April. On the other hand, 26.72% or 2.14 million addresses are out of the money, while 7.89% are at the money. This imbalance in profitability could lead to profit-taking behavior among holders who bought in during the 2021 bull cycles, potentially influencing LTC’s price movements.
Despite its recent surge, Litecoin remains approximately 78% below its 2021 high of $413 in May and $302 in November. To reach these previous levels and allow holders to break even, LTC would need to make significant gains. While IntoTheBlock’s analysis suggests positive momentum for Litecoin, it’s important to consider other market indicators to gauge the altcoin’s future performance.
Currently, LTC is experiencing a strong upward momentum, with buyers in control of the market. The MACD line is above its signal after a bullish crossover, indicating a potential continuation of this trend. Additionally, a decline in Litecoin’s large holders netflow ratio over the past week suggests confidence in the uptrend and strengthens bullish momentum.
As Litecoin moves forward, the outlook remains optimistic, with buyers expected to drive the altcoin towards reclaiming the $98 level and potentially reaching $105. While there may be resistance from 2021 holders, the current bullish phase and positive market conditions could support further gains on LTC’s price charts. Ultimately, the recent surge in large transactions indicates that whales are accumulating LTC, signaling continued positivity for the cryptocurrency’s future performance.
