Litecoin [LTC]’s downtrend is fading after falling 4% over the past three days. At the time of writing, LTC is testing a key support level at $67.

This support level is important because if the price breaks, there will likely be more sell orders.

However, if positive indicators and figures continue, a successful recovery may be within reach.

Litecoin set for recovery?

Whale accumulation around Litecoin has increased. According to TinTucBitcoin's analysis of Santiment data, large investors have begun to place positions, possibly in preparation for a change in direction in the market.

Typically, this type of accumulation indicates whales' belief that Litecoin may have bottomed, or at least they see current prices as a favorable buying opportunity.

Ngồn: Santiment

Source: Santiment

Ray of hope from rising active address count

Another positive sign for Litecoin is the increase in active addresses. In the last 24 hours alone, the number of active addresses has increased by 2%, indicating growth in the number of users and activity on the network.

See more: Top Altcoins to Invest in Today's Cryptocurrency Crisis!

This could be a sign of a period of price stability or recovery ahead, with more market participants trading and moving Litecoin, indicating that the asset is gaining interest again.

Ngồn: IntoTheBlock

Source: IntoTheBlock

Only 28% of Litecoin Holders Are Profitable

Despite these positive signals, only 28% of Litecoin holders are currently in profit. This shows that the majority bought Litecoin at higher prices and are still waiting for the market to return.

This would be a relief in the current price action, especially if the $67 support holds or triggers further losses if support breaks.

Ngồn: IntoTheBlock

Source: IntoTheBlock

Litecoin's short-term future largely depends on whether it can stay above $67. Whales are interested, and so are active addresses.

However, many investors are still suffering losses. The coming days will determine whether LTC will recover or the downtrend will continue.

#tintucbitcoin #litecoin #Write2Win #BinanceTurns7 #TopCoinsJune2024