The price of Litecoin has seen a 10% surge in April, reaching $100 for the first time since February. While the February rally was curtailed at $102, on-chain data suggests that miners and whales may continue to push the bull run. Litecoin miners have accumulated a large amount of their block rewards, adding 1.11 million LTC to reserves from March 28 to April 12, implying they may be positioning themselves for future price gains. The accumulation wave among large LTC whales is also driving the bullish stance. Whales have added 2.37 million LTC between February 3 and April 13, currently worth over $230 million. If the accumulation trend continues, LTC may soon break the $100 price barrier.
If the current $98 resistance is broken, Litecoin’s next area of resistance is $113, according to Break Even price distribution data. Failure to hold the support level of $95 could see Litecoin prices fall back to $85, where 500,000 addresses hold 7.47 million coins. This is all subject to change without notice and should not be considered financial advice.
