Litecoin (LTC) is showing some reservations about speeding up its brewing rally alongside many high-performing altcoins on the market today. According to data from CoinMarketCap, Litecoin is changing hands at a price of $70.36, up by 1.36% in the past 24 hours. This upshoot has helped stabilize the price of the coin above the $70 threshold, a level the coin has flirted with over the past month.
One interesting observation regarding the Litecoin price trend was shared by market analyst Ali Martinez. According to him, there is a visible correlation between Litecoin whale holdings and price movements. He noted that should the trend continue, Litecoin whale holdings may set the stage for the coin’s next bull run.
#Litecoin | There’s a fascinating correlation to observe – the link between $LTC whale holdings and its price movements.
If this trend continues, a rise in #LTC whale holdings might just be the signal of the next price upswing. pic.twitter.com/vSJmNx4kFa
— Ali (@ali_charts) November 20, 2023
Litecoin whale action has not been very robust of late, and data from IntoTheBlock confirms this waning push by whales. Current data shows that over the past week, Litecoin whale transactions have dropped from 2.96K on Nov. 14 to 2.18K as of Nov. 18.
The price action at this time also showed downward trend as the price slipped from $70.29 to $68.98 within the period.
Litecoin on track for positive end of year?
When compared to its peers, Litecoin is underperforming in the year-to-date (YTD) period with just a minor 2.65% surge. The altcoin has dropped by 18.96% in the past six months and by more than 4% over the trailing seven-day period.
The majority of the key fundamentals that sparked a massive Litecoin rally earlier in the year, including Ordinals inscriptions and the halving event, are no longer propping up its growth as investors look to other promising cryptocurrencies.
Nonetheless, Litecoin is on track to benefit from broader market sentiment as the year nears an end. The goal remains to close the year on a more positive note and reposition for the coming year. Should the whale-price correlation continue, a tilt in total accumulation can change the narrative and hand Litecoin its best monthly win thus far this year.
