Litecoin [LTC] retests support after bearish cycle: Will bulls emerge victorious?

Litecoin retested four-month support line, and sell pressure showed signs of bearish exhaustion. Whale transactions surged in the last 24 hours. Litecoin’s [LTC] price action was moving in an overall ascending pattern in the last few months. More specifically, its price was restricted within a support and resistance channel since November 2022. Its performance in […]

coins ceased contributing to sell pressure. This was an important observation, as this category controlled the largest share of Litecoin in circulation.In addition, addresses holding over one million coins have increased their balances in the last few days. This meant that top whales were contributing to an increase in buying pressure in the last few days. Traders could thus expect a bullish pivot if the buying pressure intensified.

This confirmed the return of some buying pressure, as indicated by the supply distribution. It was worth noting that the same MVRV ratio dropped significantly between 22 and 23 February because of the bearish market conditions during this period.Litecoin investors and enthusiasts should also note the recent surge in development activity. This outcome may provide a bigger investor confidence boost, along with all the other previously mentioned factors.

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