Litecoin Miners Help Drive Price Rebound Towards $95

Litecoin (LTC) has bounced back 3% following a turbulent period in global cryptocurrency markets that saw LTC drop by 10% on Monday. Early price recovery has been supported by on-chain data showing that Litecoin Miners are confident, despite recent industry-wide contraction. The question now is whether bullish sentiment will push the price towards $95.

Since the beginning of June, Litecoin Miners have demonstrated positive sentiment by accumulating reserves despite market volatility. This has led to a potential cue for other LTC holders to take bullish positions in the coming days.

Despite Market Volatility, Litecoin Miners Keep Accumulating Reserves

Despite heightened volatility and negative market sentiment, Litecoin Miners have held their ground. On-chain data shows that Miners have increased their reserves this week, according to blockchain analytics platform, IntoTheBlock. Specifically, Miner Reserves increased by 100k LTC between June 3 and June 8.

This buying activity indicates that Miners remain confident in Litecoin’s future prospects, despite the recent sell-off that saw the price dip below $85. With the next Litecoin halving event on the horizon, Miners are likely to continue accumulating reserves in anticipation of a potential price surge.

Litecoin Witnesses Increased Network Activity

Transactional activity on the Litecoin network has picked up after a dip on Monday. Active Addresses (7d), which tracks transactional activity by aggregating the number of unique wallet addresses that interact with the network over a seven-day period, dipped towards 2.11 million addresses on June 5 but recovered by 20%, rising to 2.53 million, by June 8, according to blockchain data provider Santiment.

Increasing Active Addresses indicates growing transactional activity, attracting demand for the underlying asset and sparking growth in the entire ecosystem. As Litecoin network participation grows, demand could trigger price gains.

In conclusion, Litecoin Miners’ bullish conviction and renewed transactional activity are critical factors that could push the price of LTC into an early rebound.

LTC Price Prediction: Potential Rebound Toward $95

As negative SEC FUD clears and bullish factors continue to support, LTC has the potential to push towards the $95 milestone price. However, Miners and holders must first beat the $90 resistance barrier according to data from IntoTheBlock’s In/Out of the Money chart. This zone has 610k investors that purchased 6.95 million LTC at the minimum price of $90, which could stall the rally’s momentum. If the bullish outlook is realized, we can expect LTC’s price to rise above $95. 

LTC could slip into a bearish trend if it unexpectedly drops below the $82 support. Although unlikely, if that support breaks, LTC’s price could fall to $75.