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Litecoin price hit $94 on March 3, marking its highest level since the post-halving sell-off in August 2023. Following a 37% dip post-halving, Litecoin struggled for upward momentum but recent moves by whale investors suggest a positive trend ahead.
Post-Halving Sell-Off Sees Litecoin Struggle
Litecoin’s halving event in August 2023 reduced block rewards from 12.5 LTC to 6.25 LTC. This triggered a sell-off, driving prices from $95 to a low of $58 by mid-August. Despite a crypto sector rally in October, Litecoin remained stagnant between $70 and $80 for the past 6 months.
However, with the Bitcoin halving approaching on April 19, Litecoin whale holdings have reached a near all-time high of 34.4 million LTC. This surge in whale activity indicates a bullish outlook for Litecoin price.
Whale Investors Drive Litecoin Price Resurgence
Whale wallets, holding a minimum of 100,000 LTC, saw a selling spree post-halving but started buying again in late January. This buying trend has led to a 28% surge in Litecoin price, reclaiming $95 for the first time since the halving.
Whale investors have acquired 1.7 million LTC since late January, bringing their total holdings close to their all-time high. This surge in whale activity is expected to positively impact Litecoin price as the Bitcoin halving approaches.
LTC Price Prediction: Can It Reach $100?
With whale investments totaling over $228 million in Litecoin, a major breakout above $100 is anticipated as the BTC halving nears. The upper Bollinger band indicates $93 as a key resistance level, with a breakout above $100 likely if bulls maintain support above this level.
For short-term price action, the 20-day SMA at $76.3 provides initial support in case of a bearish reversal. With bullish momentum building, Litecoin price is poised for further gains in the coming weeks.
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