Litecoin (LTC) prices have stagnated within the narrow $61 to $65 range over the past month. Can the long-term holders’ returning to action drive Litecoin price into a recovery phase?
Over the last two months, Litecoin’s major stakeholders dialed down their trading activity as the perennial LTC “post-halving decline” ran its course again. However, a vital on-chain indicator now suggests LTC could be on the verge of a recovery breakout.
Long-term Investors are Buying Unusually Large Amounts of Litecoin
The Litecoin network executed its 3rd halving event on August 2, 2023. The landmark event saw miners’ block rewards cut from 12.5 LTC to 6.25 LTC.
Litecoin prices have been in a steep decline since the halving, as predicted by a recent Beincrypto report. However, after a 46% price decline in the last three months, this crucial on-chain indicator suggests LTC has reached a turning point.
According to Glassode, Litecoin HODLer’s Net-Inflow metric has uncovered how long-term investors on the network started buying unusually larger amounts of LTC around October 5.
The chart below shows that Litecoin long-term HOLDers’ added at least 400,000 LTC to their cumulative balances in 5 consecutive days between October 13 and October 17.
A closer look at the historical trends shows that the 413,949 LTC added on October 15 is the highest since June 2021.
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Author: Ibrahim Ajibade
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