{"id":339071,"date":"2023-08-28T18:00:28","date_gmt":"2023-08-28T12:30:28","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339071"},"modified":"2023-08-28T13:59:59","modified_gmt":"2023-08-28T08:29:59","slug":"litecoin-why-a-buying-spree-is-not-enough-for-a-ltc-rebound","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/litecoin-why-a-buying-spree-is-not-enough-for-a-ltc-rebound\/","title":{"rendered":"Litecoin: Why a buying spree is not enough for a LTC rebound"},"content":{"rendered":"<ul>\n<li><em>LTC&#8217;s potential to increase significantly depends on the support around $63 to $65.<\/em><\/li>\n<li><em>Irrespective of the condition, traders and investors alike were bullish on the price<\/em>.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For <\/span><span style=\"font-weight: 400;\">Litecoin [LTC]<\/span><span style=\"font-weight: 400;\"> to re-hit $75, it has to stand firm around the support wall hovering between $63.22 and $65.19, Ali_Charts opined. According to the pseudonymous on-chain analyst, the levels above were the points where a lot of addresses accumulated LTC since its decline.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/litecoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Litecoin\u2019s [LTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<h4><b>Conditions for risky decisions<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Ali, in his tweet, explained that 215 million addresses buying 3.81 million LTC may not be the prerequisite needed for LTC to surge. Instead, the coin\u2019s inability to hold support irrespective of increased accumulation, could send the value downwards to $50.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since Litecoin&#8217;s halving in the first week of August, the coin has either consolidated or plunged at different intervals. This <\/span><a href=\"http:\/\/ambcrypto.com\/is-litecoin-overvalued-exploring-demand-amid-lowered-prices\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">performance<\/span><\/a><span style=\"font-weight: 400;\"> has led to speculation about LTC\u2019s potential to repeat its historical post-halving rally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last 30 days, LTC has lost 29.27% of its value. But what perception do holders have about Litecoin? Well, one metric that explains this part is the Hodler Net Position Change.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From Glassnode\u2019s data, the <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=LTC&amp;category=Long%2FShort%20Term&amp;m=indicators.HodlerNetPositionChange\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Hodler Net Position Change<\/span><\/a><span style=\"font-weight: 400;\"> was 362,378. The metric shows the monthly position change of long-term investors of an asset. Negative values of the metric indicate a widespread cashout.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, a positive Hodler Net Position Change implies that HODLers were accumulating from new positions.<\/span><\/p>\n<figure id=\"attachment_339077\" aria-describedby=\"caption-attachment-339077\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc.png\"><img decoding=\"async\" class=\"wp-image-339077 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc.png\" alt=\"Litecoin Hodler net postion change\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_litecoin-hodler-net-position-change-ltc-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-339077\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A look at the chart above showed that a notable amount of LTC was cashed out prior to the halving. However, the switch to buying significant quantities implies that HODLers are confident in LTC\u2019s price action, and a new top may be reached in the short term.\u00a0<\/span><\/p>\n<h4><b>Off-season for bears<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Interestingly, it also seemed that traders shared the same sentiment that LTC could price higher soon. According to Santiment, Litecoin\u2019s funding rate was 0.007%. Formerly, as of 24 August, the funding rate was as low as -0.02%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Funding rates are payments made between short and long-positioned traders. When the funding rate is positive, it means that traders are bullish on the price action. In this case, longs pay short to keep open their perpetual contracts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, a negative funding rate implies a bearish sentiment such that <\/span><a href=\"http:\/\/ambcrypto.com\/litecoin-might-resume-the-downtrend-after-a-minor-bounce-heres-why\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">shorts<\/span><\/a><span style=\"font-weight: 400;\"> pay a funding fee to longs to have their positions open. Additionally, the daily trading volume of LTC on exchanges dropped to 218.55 million.<\/span><\/p>\n<figure id=\"attachment_339076\" aria-describedby=\"caption-attachment-339076\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-339076\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023.png\" alt=\"Litecoin volume on exchanges and LTC funding rate\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Litecoin-LTC-08.42.48-28-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-339076\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/litecoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Litecoin Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">This decrease <\/span><a href=\"https:\/\/app.santiment.net\/charts\/kyij00tW__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suggests<\/span><\/a><span style=\"font-weight: 400;\"> that wallets with LTC on exchanges are currently not interested in <\/span><a href=\"http:\/\/ambcrypto.com\/litecoin-to-shed-recent-gains-as-sell-offs-intensify\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">selling off<\/span><\/a><span style=\"font-weight: 400;\"> their holdings.\u00a0<\/span><span style=\"font-weight: 400;\">If the exchange volume decreases further, then it is unlikely that Litecoin&#8217;s price may plunge below $60. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But a high interest on exchanges could change the LTC direction, and the coin\u2019s trajectory could move as bears desire<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The switch to buying significant quantities infers that HODLers are confident in LTC\u2019s price action. However, the coin needs to meet certain conditions.<\/p>\n","protected":false},"author":72,"featured_media":339075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[70,62],"class_list":["post-339071","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-litecoin","tag-ltc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Litecoin: Why a buying spree is not enough for a LTC rebound - AMBCrypto<\/title>\n<meta name=\"description\" content=\"For Litecoin [LTC] to re-hit $75, it has to stand firm around the support wall hovering between $63.22 and $65.19\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/litecoin-why-a-buying-spree-is-not-enough-for-a-ltc-rebound\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Litecoin: Why a buying spree is not enough for a LTC rebound - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The switch to buying significant quantities infers that HODLers are confident in LTC\u2019s price action. 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