The chances of escaping the wrath of the SEC are high and may fall under the commodity classification along with a few other altcoins. Therefore, in the possible rise led by Bitcoin, it is likely to cause serious FOMO fluctuations, especially with the halving excuse. The miners have raised the war flag to the bears. So what will happen next?
Litecoin (LTC)
The price of Litecoin (LTC) gained 4% on Thursday as it bounced back from the recent market turbulence caused by the Fed Interest announcement. The LTC Weighted Sentiment is currently balanced. There’s about two months left for the Litecoin halving, and crypto miners in the Litecoin network are doubling their bullish positions. Amid the Fear, Uncertainty, and Doubt (FUD) across the sector, LTC Coin investors have many reasons to believe in the rise.
Pressure from the SEC may continue to cause price pressure in altcoins, especially those declared as securities. The Bitcoin price could start a short-term uptrend with the BlackRock effect. Litecoin, being closer to the commodity classification in its current state, may get its share in the BTC rally. With the halving to happen in 2 months, LTC miner rewards will be halved.
LTC Coin Comment
Litecoin miners displayed a positive stance in June 2023 so far. On-chain data shows that miner reserves continue to increase despite the significant 16% pullback in the LTC price. IntoTheBlock’s Miner Reserves data combines the real-time balances of wallets controlled by recognized miners. The chart below shows that LTC miners increased their reserves by 250,000 between May 31 and June 16.
Notably, miners currently control more than 2.5% of the total LTC in circulation. Therefore, bullish trends can drag other investor groups along. If bull miners can inspire other stakeholders to trust them, the LTC price will likely rebound towards $85. However, for bulls to take control, LTC’s first resistance needs to be overcome at $78.
Conversely, if the LTC price unexpectedly dips below the critical $70 support, it could retract the price to $65. This would pave the way for a deeper annual low, especially if it is backed by miner sales.
