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Litecoin Rebounds 22% After Market Crash

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CRYPTOCURRENCY ニュース

Litecoin,LTC,Crypto

Litecoin price surged 22% after plunging to a one-month low during last week's crypto market crash. On-chain data suggests that sell pressure from miners has subsided.

Litecoin price briefly touched the $105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during the market crash on December 20. Litecoin miners held reserve balances steady in the last three days after offloading 210,000 LTC between December 15 and December 20. Litecoin’s Volume Delta technical indicator flipped into positive values, signalling an increase in buying momentum.

Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in? Litecoin snaps 22% rebound to retake $100 territory Hawkish United States (US) Federal Reserve (Fed) statements triggered a massive crypto market downturn last week, sending the likes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) into double digit-losses. But as the dust settled over the weekend, strategic crypto traders capitalized on the falling prices to enter new positions. While BTC and ETH retook key resistance levels at $96,000 and $3,300 respectively, LTC price has also shown early signs of an impending bullish reversal. Litecoin price action | LTCUSDT (Binance) The LTCUSDT daily chart above shows how Litecoin price fell to the monthly time frame low of $87 on December 20. However, bull traders buying the dip dominated the LTC markets over the weekend, driving up prices 22% to briefly reclaim $105 in the early hours of Monday. Litecoin miners halt $200 million selling spree Amid last week’s market crash, Litecoin emerged as one of the biggest losers, declining 34% between December 17 and December 20. On-chain data shows panicking miners also contributed to the accelerated LTC price decline, selling off large quantities of their reserves amid the market sell-off. Affirming this stance, IntoTheBlock’s miner reserve chart below monitors real-time changes in miners' trading activity around key market events. Litecoin Miners Reserves v

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