- 78% of Litecoin addresses have held their LTC for over a year.
- LTC has decline by 11.09% over the past 24 hours.
Since hitting a recent high of $147 two weeks ago, Litecoin [LTC] has struggled to maintain an upward momentum.
The past 24 hours especially have seen the highest drop for the altcoin hitting a local of $94. In fact, at the time of writing, Litecoin was trading at $96. This marked a 11.09 % decline on daily charts. Equally, the altcoin has declined by 20.12% over the past week.
Despite the recent dip on its price charts, LTC’s long-term holders remain optimistic and expect more gains.
78% of Litecoin long term addresses remain bullish
According to IntoTheBlock, 78% of Litecoin addresses have held their LTC for more than a year. These addresses have been accumulating during bear markets and selling near the peak prices.
Source: IntoTheBlock
While previous cycles have seen an increase in long-term holdings selling, this cycle has been different.
In this cycle, LTC has seen a slight drop in long-term holdings. However, this reduction is less pronounced compared to previous cycles. This indicates that fewer long-term holders are selling their LTC compared to previous bull markets.
Therefore, many holders are anticipating further price growth, as they are still awaiting the peak in the current cycle. This signals optimism among long-term holders.
What LTC charts suggest
While long-term holders have sold less compared to other cycles and remain optimistic, the overall market remains bearish.
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Author: Gladys Makena
