Litecoin Buying Spree: Is a Price Rebound Imminent?

• Litecoin needs to sustain a support wall around $63.22 and $65.19 for a potential surge in price.
• Hodler Net Position Change indicates that HODLers are confident in LTC’s price action, and a new top may be reached soon.
• The funding rate of Litecoin is low at 0.007%, implying traders are bullish on the coin’s short-term performance.

Why a Buying Spree is Not Enough for an LTC Rebound

The switch to buying significant quantities of Litecoin [LTC] implies that HODLers are confident in its price action, however, the coin needs to meet certain conditions for it to re-hit $75. According to Ali_Charts, LTC needs to sustain a support wall hovering between $63.22 and $65.19 for it to increase significantly; otherwise, it could plunge down further to $50.

Hodler Net Position Change & Fund Rate

From Glassnode’s data, the Hodler Net Position Change was 362,378 which shows the monthly position change of long-term investors of an asset; negative values indicate cashouts whereas positive values imply accumulation from new positions. Moreover, Santiment reported that Litecoin’s funding rate was 0.007%, implying traders are bullish on its short-term performance since former rates were as low as -0.02%.

Potential For A Post Halving Rally?

Since Litecoin’s halving in the first week of August, the coin has either consolidated or plunged at different intervals – leading some investors to speculate about its potential for repeating past post-halving rallies (as seen on previous occasions). In the last 30 days alone, LTC has lost 29.27% of its value – indicating that holders have different opinions about where it could go next.

Risky Decisions

                                                                                                                                                                     
 Regardless of buyers optimism towards LTC’s future performance, Ali warned that 215 million addresses buying 3.81 million coins may not be sufficient enough for an actual surge in price; thus caution should be taken when making risky decisions with this asset due to its volatile nature over recent weeks/months..

Conclusion

                                                                         
 In conclusion, despite traders being bullish on the coin’s short-term performance and Hodlers accumulating from new positions – there is still no guarantee that Litecoin will re-hit $75 if it does not sustain support around $63-$65 levels; therefore caution should be taken when investing in this digital asset given its volatile nature over recent weeks/months .