A leading analytics firm has announced that a certain class of crypto investors is rapidly accumulating popular cryptocurrency network Litecoin (LTC) in anticipation of the upcoming halving event. What will be the result of these accumulations in the cryptocurrency?
Santiment has revealed that dolphins and sharks in the Litecoin community have accumulated approximately 205,400 LTC worth about 19 million dollars since June 14th. According to the analytic firm, as the halving event scheduled for August 2nd approaches, mid-level holders are loading up on LTC. The company stated the following in their comments:
With Litecoin’s highly anticipated halving event just around the corner on Wednesday, key traders holding between 9,500 dollars and 950,000 dollars of LTC are aggressively accumulating. Like most cryptocurrency halvings, this is also perceived as a bullish event by analysts.
Although dolphins and sharks in LTC, the 12th largest cryptocurrency, appear to be on the rise, well-known crypto strategists are not sharing their optimism. Senior analyst DonAlt, who successfully predicted previous LTC rallies throughout the year, had anticipated that the halving would be a news-driven selling event based on historical data. The expert emphasized the following in his statements:
That’s why I accumulated it over half a year ago and sold weeks ago. The halving is no longer a bull catalyst. When you consider that it is thought to be bought only based on expectations by a group of people, it becomes an obstacle.
Another crypto analyst, Rekt Capital, also pointed to a downward trend in LTC. According to the expert analyst, LTC may witness a decline after the halving event, as it closed July below an important support level. Rekt Capital stated the following about LTC:
LTC is still hovering below a critical zone. It needs a monthly close above the zone to turn it into support. The monthly level being close to the critical zone could mean that LTC could see an increase as it halves. The support could initiate a correction after the halving, so 94 dollars may be retested.